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May 25, 2017
Old-crop soybean sales had another strong week, up 33% from a week ago, while corn sales slowed for both old- and new-crop supplies, USDA said on Thursday.
Old-crop and new-crop wheat sales were down, but the old-crop business of 7.4 million bushels still topped the pace needed to meet USDA’s annual sales forecast. Wheat’s crop year ends May 31 so the focus has shifted to new-crop, which had weekly sales of 12.6 million that matched trade forecasts.
Old-crop corn sales of about 18 million bushels were down 35% from a week ago and missed trade estimates, but still topped the pace needed to meet USDA’s annual sales forecast. Japan, Mexico and Taiwan led buyers. New-crop corn sales were just under 20,000 bushels and went to unknown destinations.
In daily reporting, USDA on Thursday said 4.54 million bushels of 2016/2017 corn were sold to unknown destinations. That business will be included in a future weekly export report.
The weekly soybean sales of 17.4 million bushels were led by unknown destinations, China and Pakistan. Old-crop sales have already eclipsed USDA’s annual forecast. New-crop sales of about 220,000 bushels went to Taiwan and Indonesia.
Old-crop wheat sales were led by Mexico, Venezuela and Japan, while the new-crop sales were led by Mexico, Guatemala and unknown destinations.
Chicago soybeans futures moved up about a penny after the export report, while the corn and wheat showed little reaction to the export numbers in the closing minutes of the overnight trading session.
CBOT July soybeans closed 3-3/4 cents higher and August 3-1/2 higher. July and September corn both closed 1 cent higher.
CBOT July soft red winter wheat futures closed 1-3/4 cents higher and Kansas City’s July hard red winter finished 2-1/2 cents higher.
Soymeal export sales of 125,000 metric tons were up 10% from the previous week and matched trade forecasts. The Philippines, Mexico and Colombia led buyers. New-crop business of 34,900 metric tons went to Honduras and Guatemala.
Soybean oil sales of 10,000 metric tons were down 33% from the prior week with Mexico, Colombia and El Salvador the leading buyers.
Sorghum had a net reduction of nearly 126,000 bushels as cancellations by unknown destinations offset sales to China and Mexico.
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