March 24, 2016
Export sales of old-crop corn and soybeans decreased in the latest USDA weekly report , with the old-crop corn sales of 31.6 million bushels, which missed trade forecasts , and soybean sales of 15.1 million bushels, which were near the low end of forecasts.
Wheat sales of 13.6 million for old-crop were up 73% from the prior week and topped forecasts in a Reuters poll, while the new-crop sales of 4.4 million were down from a week ago but matched forecasts.
The corn, soybean and wheat sales exceeded the paces needed to meet USDA’s annual forecasts.
The corn, soybean and wheat sales exceeded the paces needed to meet USDA’s annual forecasts.(Photo: iphotographer/Thinkstock)
The old-crop corn sales of 31.6 million bushels were down 35% from the previous week and down 27% from the four-week average with Japan, Colombia and Saudi Arabia the top buyers. New-crop sales of 3.9 million were led by unknown destinations, Costa Rica and Nicaragua.
In daily reporting, USDA on Thursday said Taiwan bought 10.2 million bushels of 2015/2016 corn. That sale will be included in next week’s weekly tally.
Old-crop soybean sales of 15.1 million bushels were down 34% from the previous week and down 5% from the four-week average, with Mexico, unknown destinations and Bangladesh the leading buyers. For the 2016/2017 market year, sales of 1.1 million bushels went to Costa Rica.
In wheat, the old-crop wheat sales were led by the Philippines, Thailand and Yemen, while the new-crop business was Mexico, Peru and Costa Rica.
Corn, soybean and wheat futures had little reaction to the export numbers, but the better-than-expected soymeal sales guided those futures higher. At the close of the overnight session, May corn futures were down ¾ cent, May soybeans down 2-1/2 cents per bushel, May soymeal up 90 cents per ton, May soft red winter wheat down 1 cent per bushel and May hard red winter down 1-1/2.
Soymeal export sales of 468,700 metric tons were a marketing-year high. The numbers topped trade forecasts in a Reuters’ poll. The Philippines, Singapore, and Venezuela led buyers. Net sales of 7,700 tons of 2016/2017 soymeal went to Nicaragua, El Salvador and Canada.
Sorghum sales of nearly 2.3 million bushels were up considerably from the prior week and were led by China, South Africa and Japan.
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