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March 2, 2017
Export sales declined for corn and missed trade forecasts, while the soybean business increased to largely match forecasts.
Weekly corn sales of nearly 27.3 million bushels were down 7% from the previous week with Mexico, Japan and South Korea the leading buyers. New-crop sales of 811,000 bushels of 2017/2018 corn missed trade forecasts in a Reuters poll by a large margin and went to Japan and Mexico.
Old-crop soybean sales in USDA’s weekly export report of 15.7 million bushels were up 27% for the week with China, Indonesia and Peru the top markets. Most of China’s business involved switches from unknown destinations. No new-crop sales were reported.
Weekly wheat sales of almost 13 million bushels were down 22% from a week ago with Mexico, the Philippines and Japan the leading buyers. There were about 3.6 million bushels of 2017/2018 wheat sales, which was down from a week ago. That business was led by unknown destinations, the Dominican Republic and Guatemala.
In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, March corn was down 2-3/4 cents and May was down 2-1/4. March soybeans were down 7-1/2 and May was down 6-1/2.
CBOT March soft red winter wheat futures closed the overnight session up ¼ while more actively traded May was down 3 at $4.54. Kansas City’s March hard red winter wheat was unchanged while May was down 2-1/2. March spring wheat was down 4- 3/4 and May down 3-1/4.
Soymeal export sales of 139,500 metric tons were down 38% from the previous week but matched trade forecasts. The Dominican Republic, Ecuador and Demark led buyers. New-crop sales totaled 1,400 tons and went to Mexico.
Soybean oil sales of 28,700 metric tons were more than double the previous week’s with Guatemala, South Korea and Mexico the leading buyers.
Sorghum sales of nearly 640,000 bushels were down sharply from the prior week with China, South Africa and Japan the leading buyers.
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