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March 24, 2017
Export sales of corn, soybeans and wheat increased in the latest week with the corn and soybean business topping both trade forecasts and the weekly paces needed to meet USDA’s annual projections.
Wheat sales were up 58% for the week but were still well short of the pace needed to meet USDA’s annual forecast.
Old-crop corn sales of 53 million bushels were up 11% from the previous week with South Korea, Japan and Mexico the leading buyers. New-crop sales of 5 million bushels were down for the week but matched trade forecasts in a Reuters’ poll with Mexico and Japan the leading buyers.
Old-crop soybean sales in USDA’s weekly export report of 27.1 million bushels were up 57% for the week with China, the Netherlands and unknown destinations the top markets. Some of the China and Netherlands business was switched from unknown destinations. There were 2.9 million in new-crop sales, which went to unknown destinations, Mexico and Japan.
Weekly wheat sales of 15.4 million bushels were up 58% for the week with Japan, Algeria and Mexico the leading buyers. There were about 5.5 million bushels of 2017/2018 sales that were led by the Philippines, South Korea and unknown destinations.
In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was down 1/4 cent and July down 1/2. May soybeans were down 3-3/4 and July down 3-3/4.
CBOT May soft red winter wheat futures closed the overnight session up 1/4 cent and July up 3/4. Kansas City’s May hard red winter wheat was down ½ cent and July down 3/4. Spring wheat for May was up 3-1/4 and July was up 2-3/4.
Soymeal export sales of 134,300 metric tons were down 66% from the previous week and missed trade forecasts. The Philippines, Colombia and Canada led buyers. New-crop sales of 26,600 tons were up sharply and went to El Salvador, Nicaragua and Mexico.
Soybean oil sales of 15,300 metric tons were up noticeably and matched forecasts with South Korea, Colombia and Mexico the leading buyers.
Sorghum sales of nearly 8.5 million bushels were up sharply from the prior week with unknown destinations, China and Japan the leading buyers.
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