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January 20, 2017
Corn, soybean and wheat export sales in USDA’s weekly report were up from the previous week’s light volume, but overall business remained light as businesses were closed at least one day during the holiday week.
The corn and wheat business matched trade forecasts in a Reuters’ poll, while soybeans came in under those forecasts. The corn, soybean and wheat numbers were less than the weekly paces needed to meet USDA’s annual forecasts.
Weekly corn sales of 23.8 million bushels were up 41% from the previous week with unknown destinations, Japan and Taiwan the leading buyers. About 6 million bushels of 2017/2018 corn were sold to unknown destinations and Japan
Also on Thursday, USDA reported daily sales of 4.3 million bushels of 2016/2017 corn to Japan and nearly 10 million to unknown destinations. Those sales will be included in a future weekly report.
Soybean sales of 12.8 million bushels for the 2016/2017 year were up sharply from the prior week’s small amount. The Netherlands, China and Mexico led buyers. Cancellations are being watched as global business will soon shift to South America and in Thursdays’ report unknown destinations cancelled 17.3 million bushels and Costa Rica cancelled 66,132.
Also, there was a net cancellation of nearly 2.1 million bushels of 2017/2018 soybeans as sales to Japan were offset by reductions by unknown destinations.
Weekly wheat sales of 14.4 million bushels for 2016/2017 were more than double the previous week’s business, with unknown destinations, Mexico and Nigeria the leading buyers.
In Chicago futures markets, corn dropped about a penny and soybeans rose about a penny after the export report, while wheat prices had little movement. At the end of the overnight session, March and May corn were each 2-1/4 cents lower. January soybeans were up ¼ cent and March up ¾ cent.
CBOT March and May soft red winter wheat futures both closed the overnight session ¾ cent lower. Kansas City’s March and May hard red winter wheat were each down 3-1/4 cents, while March spring wheat was up 3-1/4 cents and May was up 2.
Soymeal export sales of 119,100 metric tons were up 43% from last week’s market-year low. Egypt, Vietnam and Pakistan led buyers. A sale of 1,000 of 2017/2018 soymeal went to Mexico.
Soybean oil sales of 7,300 metric tons were down 77% from a week ago. The Dominican Republic, Colombia and Canada led buyers.
Sorghum sales of nearly 587,000 bushels were up from the previous week’s net reduction, with the Netherlands, China and Mexico the leading buyers.
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