May 18, 2017
Export sales of corn, soybeans and wheat improved in the latest week from the previous week’s low numbers and sales of all three crops largely matched trade forecasts and topped the weekly paces needed to meet USDA’s annual sales forecasts.
Old-crop corn sales more than doubled to 27.8 million bushels from last week’s market-year low, while new-crop sales of 6.6 million were a rebound from the previous week’s net reduction, USDA said on Thursday. Japan, Mexico and Spain led buyers of old-crop corn, while unknown destinations and Japan bought the new crop.
Soybean sales were up 10% at 13.05 million bushels and new-crop sales were 1.5 million . China, Bangladesh and Germany bought the old-crop supplies while unknown destinations bought the new crop.
Old-crop wheat sales of nearly 9.1 million improved from last week’s net reduction, with China, Nigeria and Vietnam the leading buyers. The focus has shifted to the new-crop year, which starts in two weeks. New-crop sales of 14.4 million bushels were up 44% from the prior week with Japan, unknown destinations and Mexico the leading buyers.
Chicago crop futures had little reaction to the export numbers during the closing minutes of the overnight trading session. Soybean futures were sharply lower on ideas a drop in Brazil’s real will prompt farmers there to sell their soybeans, which are priced in dollars.
CBOT July soybeans closed down 20-3/4 cents and new-crop November was off 16. July corn closed down 6-1/4 cents and new-crop December down 6.
CBOT July soft red winter wheat futures closed 2-1/2 lower and Kansas City’s July hard red winter wheat 2-3/4 cents lower
Soymeal export sales of 113,600 metric tons were down 17% from the previous week but matched trade forecasts. Colombia, Mexico and Canada led buyers. New-crop business of 60,300 metric tons went to Mexico and Ecuador.
Soybean oil sales of 14,900 metric tons were down 49% from the prior week with the Dominican Republic, unknown destinations and Colombia the leading buyers. New-crop sales of 600 metric tons went to Canada.
Sorghum sales of 2.2 million bushels were up sharply from the prior week and led by China, Mexico and Japan.
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