Farm Progress

Wheat sales drop at start of new wheat year.

Bob Burgdorfer, Senior Editor

June 8, 2017

2 Min Read
DarcyMaulsby/ThinkstockPhotos

Corn and soybean sales declined in the latest week, despite lower prices then for soybeans, meanwhile the first week of the new wheat year had sales of nearly 17 million bushels.

The wheat year began June 1 and 69.2 million bushels in 2016/2017 sales were carried over to the 2017/2018 crop year, USDA said in its weekly export report. That carry over was about 45% more than what was carried over a year ago.

Old-crop corn sales of 13.7 million bushels were down about 15% for the week and missed trade forecasts, while new-crop sales of 5.04 million were down about 8% from the previous week but matched forecasts. Saudi Arabia, Japan and China led old-crop buyers while unknown destinations, Panama and Mexico led new-crop.

Old-crop soybean sales of 5.8 million bushels were down 74% for the week and led by Spain, Egypt and Indonesia. New-crop sales of nearly 8.15 million were up sharply from a week ago and were led by Spain, Pakistan and Mexico.

The 17 million bushels in 2017/2018 wheat sales were down from a week ago and were led by unknown destinations, Peru and Mexico.

Chicago crop futures had little reaction to the weekly export numbers in the closing minutes of the overnight trading session.  

CBOT July soybeans closed that session up 7-1/2 cents and August up 7-1/2. July corn closed up 4 and September up 3-3/4. CBOT July soft red winter wheat futures closed 5 cents higher and Kansas City’s July hard red winter finished 6-1/2 cents higher. Spring wheat for July closed up 6-1/2 cents.

Soymeal export sales of 84,900 metric tons were down 31% from the previous week but matched trade forecasts. Colombia, Mexico and Venezuela led buyers. New-crop business of 14,800 metric tons was up considerably from a week ago with Canada, Panama and Mexico were the leading buyers.

Soybean oil sales of 17,600 metric tons were down 23% from the prior week with Algeria, Dominican Republic and Mexico the leading buyers.

Sorghum had a net reduction of 78,740 bushels as cancellations more than offset the sales to China and Mexico.

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