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USDA exports – Soybean sales have small increase

Corn, wheat sales have a down week.

Bob Burgdorfer

July 7, 2017

2 Min Read

Soybean export sales had a small increase in the latest week but largely matched trade forecasts, with top buyer China taking some old- and new-crop supplies.

Corn sales in USDA’s weekly export report had another slow week with the old-crop sales of 5.5 million bushels being a market-year low. While those sales missed trade forecasts, they still topped the weekly pace needed to meet USDA’s annual forecast.

Wheat sales also were down from the prior week at 13.8 million bushels, which fell short of the weekly pace needed to meet USDA’s annual forecast.

Old-crop soybean sales of 13.4 million bushels were led by Mexico, unknown destinations and China. New-crop sales of about 2.7 million bushels were up from a week ago with China, Costa Rica and unknown destinations the top buyers.

The 5.5 million in old-crop corn sales were led by the Netherlands, Mexico and South Korea. New-crop sales of about 2.9 million went to Mexico, El Salvador and Panama.

The 13.8 million bushels in wheat sales were led by the Philippines, South Korea and Mexico.

Chicago corn, soybean and winter wheat futures showed little reaction to the export report in the closing minutes of the overnight session. Spring wheat futures sped higher in the closing minutes of the overnight session but it appears they were headed higher prior to the report’s release.    

Related:USDA exports – Soybean sales drop, miss forecasts

CBOT August soybeans closed the overnight session 3-1/4 cents higher. September corn was up 2-3/4 cents. CBOT September SRW wheat closed down 1-3/4 and Kansas City’s September hard red winter wheat finished down 3-3/4. Spring wheat for September was 20 cents higher.

Soymeal export sales of 45,000 metric tons were up 19% from a week ago, but matched trade forecasts. Mexico, Morocco and Ecuador led buyers. New-crop business of 35,100 metric tons also was up from a week ago with unknown destinations, the Dominican Republic and Canada the leading buyers.

Soybean oil sales of 6,600 metric tons were down 48% from the previous week and missed forecasts, with Mexico, Colombia and South Korea the leading buyers.

Sorghum sales of 2.8 million bushels were up sharply from a week ago and were led by unknown destinations, China and Mexico.

Click on the link below for charts.

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