Weekly corn and soybean export sales reported on Friday were down from the prior week, as expected, but still topped the paces needed to match USDA’s annual forecasts.

USDA said on Friday corn sales were 34.4 million bushels during the week ended Oct. 6. That was down 58% from the prior week’s big number but matched trade forecasts. South Korea, Japan and Mexico were the leading buyers. In addition, Mexico bought 1.2 million bushels of 2017/2018 corn.

Soybean sales of 52.1 million bushels also were down from a week ago, but beat trade forecasts, with China the top buyer, followed by unknown destinations and Japan.

Weekly corn and soybean export sales reported on Friday were down from the prior week. (Photo: hxdzxy/Thinkstock)

Weekly wheat sales of 18 million bushels were up 30% from the previous week, matched trade forecasts in a Reuters’ poll and topped the pace needed to meet USDA’s annual forecast.  New-crop sales of 1.2 million bushels went to Panama and Leeward and Windward Islands.

Chicago’s crop futures markets had little reaction to the export numbers in the closing minutes of the overnight session. Corn futures did gain a penny to close about 4-1/2 cents higher, soybean futures barely moved and also finished about 4-1/2 cents higher in nearby months. Winter wheat futures slipped 1 cent to close about 4-1/2 cents higher, while spring wheat barely moved and closed about 4 cents higher.

Soymeal export sales of 119,700 metric tons were led by Mexico, unknown destinations and the Philippines. The soymeal crop year concluded at the end of September. There were net sales of 1,100 tons on Sept. 30 to Japan, Mexico and Panama. Plus 510,400 tons from the prior marketing year were carried over to the new marketing year.

Sorghum sales of about 2.3 million bushels were up from the prior week with China, Nigeria and Japan the leading buyers.

USDA exports - Oct. 6, 2016 - Corn, soybeans have big week

USDA exports - Sept. 29, 2016 - Corn sales drop, soybeans surge