Export sales of old-crop corn and soybeans rose in the latest weekly USDA export report and topped trade forecasts in a Reuters poll, and new-crop corn sales also beat forecasts.

Old-crop wheat sales were down 41% for the week, while new-crop business was up and beat forecasts.

For corn, old-crop sales of 58 million bushels were up 33% from a week ago and easily topped the pace needed to meet USDA’s annual forecast. Japan, Saudi Arabia and Mexico were the leading buyers. New-crop sales of 21.3 million were led by unknown destinations, Mexico and Guatemala.

Export sales of old-crop corn and soybeans rose in the latest weekly USDA export report. (Photo: Ron Chapple Stock/Thinkstock)

Soybean sales were up considerably from the previous week with old-crop business at 20.4 million and new-crop of 5.8 million. Leading old-crop buyers were unknown destinations, Japan and Indonesia, while new-crop business was led by unknown destinations, Taiwan and Guatemala.

In daily reporting on Thursday, USDA said China bought 4.7 million bushels of 2015/2016 soybeans. That sale will be included in the next weekly report.

Old-crop wheat sales of 6.4 million were down 41% from a week ago, with China, Japan and Brazil the leading buyers. Wheat’s crop year ends May 31. New-crop business of 21.1 million topped trade forecasts, with unknown destinations, Taiwan and the Philippines the top buyers. The old-crop sales were short of the pace needed to meet USDA’s annual forecast.

Chicago corn, soybean and wheat futures closed lower in the overnight session with outside markets likely providing the pressure. The likelihood of interest rate increase in June pushed the dollar to its highest since March and that weighed on crude oil and other commodities.

At the close of the overnight session, July corn was down 4-1/2 cents and September down 4-3/4, July soybeans were down 11-1/4 and August down 11. July soft red winter wheat was down 8 and September down 7-1/2. Kansas City’s July hard red winter was down 5-3/4 cents and Minneapolis spring wheat for July was off 4-1/4.

Soymeal export sales of 73,300 metric tons were down 37% from a week ago with Mexico, Nicaragua and Venezuela the top buyers. New-crop sales of 92,100 went to unknown destinations, Guatemala and Jamaica.

Sorghum sales of 2 million bushels were led by China, Colombia and Canada.

USDA exports - May 12, 2016: Corn, wheat sales rise; soybeans down

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