Farm Progress

USDA exports – Soybean sales drop, new-crop corn has big gain

Wheat sales down, match forecasts.

Bob Burgdorfer, Senior Editor

July 27, 2017

2 Min Read

Export sales of the three crops were mostly lower in the latest USDA weekly report, with the exception of new-crop corn business, which was more than double the previous week.

A decline in sales had largely been expected, particularly for soybeans, which lacked a big daily sale to China that contributed to the previous week’s business.

Old-crop corn sales of 3.6 million bushels were down sharply from the prior week and missed forecasts. Those sales were led by Japan, Mexico and Colombia. New-crop sales of nearly 19.2 million topped forecasts in a Reuters’ poll with unknown destinations, Mexico and Japan the leading buyers.

Old-crop soybean sales of about 11.1 million bushels were down 43% from the prior week but beat the trade forecasts by a small margin. The Netherlands, China, and Thailand led buyers. New-crop sales of 19.5 million were down sharply from the prior week’s big number with China, unknown destinations and Vietnam the leading buyers.

In daily reporting on Thursday, USDA said unknown destinations bought nearly 9.7 bushels of soybeans, which included about 7.3 million of the 2016 harvest and about 24 million of 2017’s. That business will be included in a future weekly export report.

The wheat sales of 18.3 million were down 26% from the prior week and led by Taiwan, South Korea and Chile.

Chicago soybean futures rose 4 to 5 cents after the export report and before the overnight session closed, while the corn and wheat markets had little movement.

CBOT September soybeans closed the overnight session up 8 cents and September corn was up 3 cents. CBOT September SRW wheat was up 5 and Kansas City’s September hard red winter wheat finished the overnight session up 5-1/2. Spring wheat for September closed 7-1/2 cents higher.

Soymeal export sales of 6,700 metric tons were down sharply from the prior week but were within the wide range of trade forecasts. Canada, Colombia and Costa Rica led buyers. New-crop business of 55,200 tons also was down from a week ago and matched forecasts with the Mexico, Nicaragua and Ecuador the leading buyers.

Soybean oil sales of 14,900 metric tons were down 41% from the prior week but within forecasts with South Korea, Guatemala and Mexico the leading buyers.

Sorghum sales of 2.05 million bushels were down a little from a week ago and went to China.

About the Author(s)

Subscribe to receive top agriculture news
Be informed daily with these free e-newsletters

You May Also Like