August 3, 2017
Export sales of the three crops were lower in the latest USDA weekly report, with wheat sales at a market-year low and missed trade forecasts.
Old-crop corn sales of 1.4 million bushels were down 60% from the prior week and missed forecasts by a large margin. However, with corn’s crop year ending August 31 the attention is largely on new-crop sales. The old-crop sales were led by China, Colombia and Mexico. The 1.4 million in sales was slightly less than the weekly pace needed to meet USDA’s annual sales forecast.
New-crop corn sales of 17.3 million were down nearly 10% from the prior week but matched forecasts in a Reuters’ poll with Mexico, Peru and unknown destinations the leading buyers.
Old-crop soybean sales of about 8.6 million bushels were down 23%% from the prior week but matched trade forecasts. Germany, the Netherlands and Bangladesh led buyers. As in corn, most of the attention in soybeans is on the new-crop year, which starts Sept. 1. New-crop sales of 13.5 million also were down from the prior week with China, unknown destinations and Thailand the leading buyers.
The wheat sales of 5.3 million bushels were down sharply from the prior week and at a market-year low. Indonesia, the Philippines and Colombia led buyers.
Crop futures markets were lower before and after the export report and had little reaction to the numbers. CBOT September soybeans closed that session down 13-1/2 cents and September corn was down 3-1/2 cents. CBOT September SRW wheat was down 4-3/4 and Kansas City’s September hard red winter wheat finished the overnight session down 5-1/4. Spring wheat for September closed 8-1/2 cents lower.
Soymeal export sales 87,100 metric tons were sharply up from the prior week and matched trade forecasts. Bangladesh, China and Canada led buyers. New-crop business of 57,700 tons was up slightly from a week ago and also matched forecasts with Colombia, El Salvador and the Dominican Republic the leading buyers.
Soybean oil sales for the 2016/2017 crop year of 10,700 metric tons were down 28% from the prior week but within forecasts with Mexico, Guatemala and Canada the leading buyers.
Old-crop sorghum sales of 6.4 million bushels were substantially up from a week ago and went to China. New-crop sales of 2.36 million went to China.
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