Markets seemed unfazed by strong export sales for soybeans and better-than-expected for wheat, with grain prices trending downward during Thursday morning trading. Shortly after USDA’s weekly Export Sales report landed, December corn prices were down 1.5 cents, November soybean prices were down 5 cents, and wheat prices were down between 1 and 2.5 cents. 

Still, soybeans in particular posted stronger-than-anticipated export sales for the week ending Sept. 21, with 109.6 million bushels in old crop sales and another 4.4 million bushels in new crop sales for a total of 114 million bushels. That handily beat trade estimates of 73.5 million bushels for the week. About half of these sales are marked for China, with other top destinations that include unknown destinations, Mexico, Thailand and Taiwan. 

USDA also reported 36.2 million bushels in export shipments for soybeans. Around two-thirds of that volume is headed to China, with remaining top destinations that include Thailand, Bangladesh, Indonesia and Japan.

Corn export sales continued to underwhelm for a second straight week, meantime. Total export sales only totaled 12.6 million bushels – down significantly from a week ago (20.7 million bushels) and falling well short of trade estimates (25.6 million bushels). 

Top export sales went to Mexico, Peru, Colombia, Japan and Cosa Rica. Export shipments totaled 28.6 million bushels, with top destinations of Mexico, Colombia, Peru and Japan.

Wheat export sales finished up from a week ago and ahead of trade estimates, at 16.0 million bushels of old crop sales. Volume was 42% higher than last week’s total of 11.3 million bushels and 14% ahead of the four-week average. 

Wheat export shipments held steady from a week ago, at 15.8 million bushels, but down 6% from the four-week average. Top primary destinations were fairly evenly distributed among Indonesia, Bangladesh, the Philippines, Japan and Mexico.

Soymeal net export sales reductions hit a marketing-year low last week. Meantime, shipments were up 22% from the week prior and 265 above the four-week average. Soyoil sales were up 24% from a week ago and 51% ahead of the four-week average. Shipments were also up for soyoil – 22% higher than a week ago and 16% higher than the four-week average.

Highlights from other crops include: