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USDA exports – Soybean sales drop, miss forecastsUSDA exports – Soybean sales drop, miss forecasts

Old-crop corn sales slip while wheat improves.

Bob Burgdorfer

June 22, 2017

2 Min Read

Soybean export sales dropped in the latest week for both old- and new-crop supplies to miss trade forecasts, while old-crop corn sales slipped and new-crop sales were up a little.

Wheat sales were up considerably from last week and beat trade forecasts.

Old-crop soybean sales of 4.08 million bushels were down 67% from the previous week and were led by Indonesia, Bangladesh and Cuba. New-crop sales of nearly 140,000 bushels also were down sharply from a week ago with Canada and Thailand the leading buyers.

Old-crop corn sales of 20.8 million bushels were down 12% from a week ago and missed forecasts, while new-crop sales of nearly 4.9 million were up sharply from a week ago and matched forecasts. Old-crop sales were led by Japan, Mexico and Israel, while the new-crop business went to Mexico and El Salvador.

The nearly 20 million bushels in wheat sales were led by Japan, Taiwan and the Philippines.

Chicago corn and soybean futures added about a penny to their overnight losses after the export report, while the wheat markets had little movement.    

CBOT July and August soybeans both closed the overnight session 3-1/4 cents lower. July and September corn both closed 3-1/2 cents lower. CBOT July soft red winter wheat futures closed down 6-1/4 cents and September down 6-3/4. Kansas City’s July hard red winter finished 7-3/4 cents lower and September 7-1/4 lower. Spring wheat for July and September closed 3-3/4 cents lower.

Soymeal export sales of 86,600 metric tons were down 48% from the prior week but matched trade forecasts. Mexico, Dominican Republic and Guatemala led buyers. New-crop business of 45,600 metric tons was down considerably from a week ago with Mexico, Ecuador and Canada the leading buyers.

Soybean oil sales of 13,300 metric tons were down 56% from the previous week, but matched forecasts, with South Korea, Jamaica and Mexico the leading buyers. New-crop sales of 4,100 went to Mexico.

Sorghum sales of 2.44 million bushels were up slightly from a week ago with China and unknown destinations the buyers.


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