February 9, 2017
Weekly corn and soybean export sales for the current crop year were down from the prior week but matched trade forecasts in a Reuters’ poll, while wheat sales increased and beat forecasts by a small margin.
USDA’s weekly report put soybean sales at 19.7 million bushels, down14% for the week with China, France and Mexico the top markets. New-crop sales of 4.8 million also were down from a week ago but matched forecasts with unknown destinations and Japan the leading buyers. The old-crop sales topped the weekly pace needed to meet USDA’s annual forecast.
Unknown destinations cancelled about 8.9 million bushels of old-crop soybeans and Pakistan, Taiwan, Cuba and Italy cancelled smaller amounts. Cancellations are being watched on ideas some countries may switch business to Brazil, which is harvesting now.
Also on Thursday, USDA announced a daily sale of 3.93 million bushels of 2016/2017 soybeans to unknown destinations. That business will be included in a future weekly report.
Weekly corn sales of 38.3 million bushels were down 15% from the previous week with Japan, unknown destinations, and Mexico. About 1.36 million bushels of 2017/2018 corn went to unknown destinations. The old-crop sales topped the weekly pace needed to match USDA’s annual forecast.
Weekly wheat sales of 19.4 million bushels for 2016/2017 were up 17% from a week ago with Japan, Mexico and the Philippines the leading buyers. The sales were short of the weekly pace to meet USDA’s annual number. Also, nearly 600,000 bushels of 2017/2018 wheat went to Panama.
In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, March and May corn were both unchanged, March soybeans were down 3-1/4 cents and May was down 3-1/2.
CBOT March soft red winter wheat futures closed the overnight session 2-1/2 cents lower and May 1-3/4 lower. Kansas City’s March hard red winter wheat was 2-1/2 lower and May 2-3/4 lower. March spring wheat was 1-3/4 higher and May 1 higher.
Soymeal export sales of 347,700 metric tons were down 5% from the previous week but beat trade forecasts by a small margin. Mexico, the Philippines and Ecuador led buyers. Sales of 1,000 metric tons of 2017/2018 soymeal went to Peru.
Soybean oil sales of 35,300 metric tons were nearly triple the prior week’s with Venezuela, Dominican Republic and South Korea the leading buyers.
Sorghum sales of 326,700 bushels were down sharply from the previous week with China, Japan and Mexico the leading buyers.
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