Mexico, Japan, Saudi Arabia buy corn

Export sales of corn, soybeans and wheat decreased in the latest week, but the numbers in Friday’s USDA export report were within trade forecasts and at the paces needed to meet USDA’s annual forecasts.

Corn export sales were down 29% at 32.2 million bushels, while soybean sales at 23.8 million bushels were down 34% from the prior week. Wheat sales of 10.8 million bushels were down 19% from the prior week.

U.S. soybean futures in Chicago rose about two cents after the export report and closed the overnight session up 2-1/2 in March and up 2-3/4 in May.  Corn and wheat futures barely moved after the report as the export numbers for both crops were at the low end of forecast. March corn finished the overnight up ½ cent and March soft red winter wheat up ¼.

Top buyers in the corn were Mexico, Japan, and Saudi Arabia.  Also, 1.5 million bushels of 2016/2017 corn were sold to Mexico and Nicaragua.

The soybean sales of 23.8 million bushels were led by China, Germany and the Netherlands. USDA on Wednesday reported China cancelled the purchase of 14.5 million bushels of soybeans and that will likely be included in the next weekly export report.

The wheat sales of 10.8 million were led by Japan, Indonesia and South Korea. About 1.9 million bushels of 2016/2017 wheat went to United Arab Emirates Japan and Italy.

Soymeal export sales of 200,800 metric tons were down 28% from the prior week with the Philippines, unknown destinations and Colombia the leading buyers.

Sorghum sales of 2.31 million bushels were led by China, unknown destinations and Mexico.