June 15, 2017
Corn and soybean export sales increased in the latest but matched trade forecasts and topped the paces needed to meet USDA’s annual forecasts.
Wheat sales were down for the week in USDA’s weekly export report, matched trade forecasts but were a little short of the rate needed to meet USDA’s forecast. However, the wheat year began June 1 so there will be time to make up any shortages.
Old-crop corn sales of 23.7 million bushels were up about 10 million from a week ago, while new-crop sales of about 531,500 were down sharply from a week ago and missed forecasts. Old-crop sales were led by Mexico, Colombia and China, while the new-crop business went to Panama, French West Indies and Nicaragua.
Old-crop soybean sales of 12.5 million bushels were about double the previous week’s and led by Netherlands, China and Bangladesh. New-crop sales of nearly 11.5 million were up about 3 million from a week ago and led by unknown destinations, China and Pakistan.
The 13.7 million bushels in wheat sales were led by Mexico, Nigeria and Taiwan.
Chicago crop futures had little reaction to the weekly export numbers in the closing minutes of the overnight trading session.
CBOT July and August soybeans both closed that session 5 cents lower. July and September corn closed 4 cents lower. CBOT July soft red winter wheat futures closed down 2-1/4 cents and September down 2-1/2. Kansas City’s July and September hard red winter both finished 4 cents lower. Spring wheat for July and September closed 12-1/4 cents lower.
Soymeal export sales of 166,800 metric tons were up 97% from the prior week but matched trade forecasts. Mexico, Ecuador and Venezuela led buyers. New-crop business of 110,400 metric tons was up considerably from a week ago with Ecuador, Mexico and Peru the leading buyers.
Soybean oil sales of 30,300 metric tons were up 72% from the previous week with unknown destinations, South Korea and the Dominican Republic the leading buyers.
Sorghum sales of nearly 2.4million bushels were up last week’s net reduction with China and Mexico the buyers.
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