Farm Progress

USDA exports – Corn sales have big week, soybeans ease

Corn beats estimates, old-crop soybeans match.

Bob Burgdorfer, Senior Editor

March 16, 2017

2 Min Read

Export sales of corn increased in the latest week to beat trade forecasts and top the pace needed to meet USDA’s annual forecast, while old-crop soybean sales eased in the latest week, but matched forecasts and easily topped USDA’s projected weekly pace.

Wheat sales were lower with old-crop missing USDA’s projected weekly pace, but the numbers were within trade forecasts.

Old-crop corn sales of 49.4 million bushels were up 69% from the previous week with Mexico, Japan and Colombia the leading buyers. New-crop sales of 8.6 million bushels also were up for the week and beat trade forecasts in a Reuters poll with Mexico, Panama and unknown destinations the top buyers.

In daily reporting on Thursday, USDA said 4.41 million bushels of 2016/2017 hard red winter wheat were sold to Algeria and 4.41 million of 2016/2017 soybeans went to unknown destinations. Those sales will be included in a future weekly report.

Old-crop soybean sales in USDA’s weekly export report of 17.3 million bushels were down slightly for the week with China, Germany and Netherlands the top markets. There were 8.3 million in new-crop sales, which went to unknown destinations, Japan and Mexico.

The weekly wheat sales of 9.7 million bushels were down 33% from a week ago with Mexico, China and Indonesia the leading buyers. There were about 2.7 million bushels of 2017/2018 sales and were led by Jamaica, the Philippines and Belize.

In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was up 2-1/4 cents and July up 2-1/2. May soybeans were up 7-1/4 and July up 7.

CBOT May soft red winter wheat futures closed the overnight session up 2-1/4 and July up 1-3/4. Kansas City’s May and July hard red winter wheat were each up 3. Spring wheat for May was up 5 and July up 3-3/4.

Soymeal export sales of 389,500 metric tons were up 30% from the previous week and beat trade forecasts. The Philippines, Colombia and Vietnam led buyers. New-crop sales of 4,300 tons went to Panama.

Soybean oil had a net reduction of 35,800 metric tons as cancellations exceeded sales. Mexico, South Korea and Canada were buyers while the Dominican Republic, unknown destinations and Colombia cancelled. New-crop sales of 1,200 went to Mexico.

Sorghum sales of nearly 630,000 bushels were down sharply from the prior week with China, Japan and Mexico the leading buyers.


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