Weekly soybean export sales on Thursday were double the prior week’s business, with China the leading buyer, while corn sales were down and missed trade forecasts.

Wheat sales were similar to a week ago, matched trade forecasts and topped the weekly pace needed to meet USDA’s annual sales projection.

USDA’s weekly export report said 2016/2017 corn sales totaled 22.6 million bushels, which were down about 38% from a week ago, were led by Mexico, Colombia and South Korea.

Weekly soybean export sales on Thursday were double the prior week’s business, with China the leading buyer. (Photo: hxdbzxy/Thinkstock)

Soybean sales of 62.2 million bushels were led by China, unknown destinations and Taiwan. The sales easily surpassed the weekly pace needed to meet USDA’s annual forecast. USDA also reported a small sale of nearly 3,700 bushels of 2017/2018 soybeans to Japan.

The 21 million bushels of wheat sales were led by Morocco, Mexico and the Philippines, and topped the weekly pace needed to meet USDA’s forecast. Weekly export shipments of 31 million bushels were a marketing-year high and easily topped the pace needed to meet USDA’s forecast.

In daily reporting on Thursday, USDA said China bought 4.41 million bushels of 2016/2017 U.S. soybeans. That is fifth reported daily soybean sale this week and the third one to China. Today’s sale will be added to future weekly export reports.

Chicago’s crop futures markets had little reaction to the export numbers with soybean futures about 8 cents higher in nearby months when the overnight session closed shortly after the export report. Corn futures were 2-3/4 cents higher in nearby months. Winter wheat futures were up about two cents and spring wheat up about 3 cents.

Old-crop soymeal export sales of 21,500 metric tons were down 12% from a week ago with Panama, Guatemala and Canada the leading buyers.  The soymeal crop year concludes at the end of September. New-crop soymeal sales of 67,300 matched trade forecasts and were led by Mexico, the Dominican Republic and unknown destinations.

Sorghum sales for the 2016/2017 crop year of 8.95 million bushels were up from a week ago and were led by China, unknown destinations and Indonesia.

USDA exports - Sept. 22, 2016 - Corn, wheat sales up, soybeans slip

USDA exports - Sept. 15, 2016 - Corn, soybean and wheat sales decline