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June 2, 2017
Soybean sales had another strong week, up 29% from a week ago to top trade forecasts, while new-crop wheat sales were more than double the previous week’s business and also beat forecasts.
Old-crop corn sales of 16.2 million bushels were down about 10% for the week, while new-crop sales of 5.5 million beat the previous week’s small number, USDA said on Friday.
The old-crop soybean sales of 22.4 million bushels were led by unknown destinations, Mexico and Indonesia. New-crop sales of about 590,000 went to Malaysia and Thailand.
Also on Friday, USDA’s daily reporting system said Spain bought about 7.35 million bushels of soybeans. That deal included nearly 2.6 million of old-crop supplies and nearly 4.8 of new-crop. The new-crop business was previously reported as a sale to unknown destinations. Those deals will be included in a future weekly sales report.
Old-crop corn sales 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 of about 5.5 million bushels went to Mexico, unknown destinations and Ecuador.
Old-crop wheat sales had net reduction of nearly 1.1 million bushels as cancellations offset new sales. Cancellations were expected as that crop year ended on Wednesday and buyers focused on new-crop business. New-crop sales of 29.8 million were a big increase from a week ago and led by Japan, Egypt and Mexico.
Chicago soybean and hard red winter wheat futures moved up about a penny after the export report, while the corn and other wheat markets showed little reaction to the export numbers in the closing minutes of the overnight trading session.
CBOT July soybeans closed up 3-1/2 cents and August up 3-1/4. July corn closed up 2-1/4 and September up 2. CBOT July soft red winter wheat futures closed 2-3/4 cents higher and Kansas City’s July hard red winter finished 3-3/4 cents higher. Spring wheat for July closed up ¾ cent.
Soymeal export sales of 123,600 metric tons were down slightly from the previous week but matched trade forecasts. The Philippines, Morocco and Mexico led buyers. New-crop business of 900 metric tons went to Canada.
Soybean oil sales of 22,800 metric tons were about double the prior week with South Korea, Dominican Republic and Mexico the leading buyers.
Sorghum sales of about 59,000 bushels were up from the previous week’s net reduction. Mexico and Japan led buyers.
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