Farm Progress

USDA exports – Soybean, wheat sales inch up, corn slips

Soybean, wheat sales top forecasts.

Bob Burgdorfer, Senior Editor

March 30, 2017

2 Min Read

Export sales of soybeans and wheat increased in the latest week and topped trade forecasts, while the soybean and corn sales exceeded the weekly paces needed to meet USDA’s annual projections.

Old-crop corn sales of 28.2 million bushels were down 47% from the previous week with Peru, Mexico and Japan the leading buyers. New-crop sales of 4.9 million bushels nearly matched the previous week’s business and matched trade forecasts in a Reuters’ poll. Mexico, Nicaragua and unknown destinations led buyers.

Old-crop soybean sales in USDA’s weekly export report of 25 million bushels were up 15% for the prior week with Germany, Mexico and China the top markets. Some of the China business was switched from unknown destinations. There were 11.6 million in new-crop sales, up sharply from a week ago, which went to China, Pakistan and unknown destinations.

Also on Thursday in daily reporting, USDA said China bought nearly 6.1 million bushels of 2017/2018 soybeans. That sale will be included in a future weekly export report.

Weekly wheat sales of 17.1 million bushels were up 11% for the week with Saudi Arabia, the Philippines and Mexico the leading buyers. There were about 6 million bushels of 2017/2018 sales that were led by unknown destinations, Thailand and Nigeria.

In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May and July corn were each down 1 cent. May and July soybeans were each down 4-1/4 cents.

CBOT May soft red winter wheat futures closed the overnight session down 1 cent and July down 1. Kansas City’s May hard red winter wheat was unchanged and July was down a ¼ cent. In spring wheat, May and July were each up ¼.

Soymeal export sales of 162,600 metric tons were up 28% from the previous week and matched trade forecasts. Venezuela, Spain and the Philippines led buyers. New-crop business was a net reduction of 1,000 tons due to a cancellation by Nicaragua.

Soybean oil sales of 12,500 metric tons were down 18% from a week ago but matched forecasts with Colombia, Mexico and South Korea the leading buyers.

Sorghum sales of nearly 657,500 bushels were down considerably from the prior week with China, Mexico and Japan the leading buyers.

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