Export sales of old-crop corn and soybeans slipped in the latest weekly USDA export report  with corn topping trade forecasts in a Reuters poll, while new-crop corn sales matched forecasts and new-crop soybeans missed.

China was in the market for both old- and new-crop soybeans, with some of its business previously reported via USDA’s daily reporting for large purchases.

Old-crop wheat sales had a net reduction as cancellations ahead of the upcoming crop year exceeded sales. New-crop sales of 13 million bushels were down from the prior week’s 21.5 million.

For corn, old-crop sales of 54.4 million bushels were down 6% from a week ago but easily topped the pace needed to meet USDA’s annual forecast. (Photo: Fotosearch/Thinkstock)

For corn, old-crop sales of 54.4 million bushels were down 6% from a week ago but easily topped the pace needed to meet USDA’s annual forecast. Japan, South Korea and Colombia were the leading buyers. New-crop sales of 9.7 million were led by Mexico, unknown destinations, and Colombia.

In daily reporting on Thursday, USDA said Taiwan bought 5.12 million bushels of corn and unknown destinations bought 4.83 million. Half of Taiwan’s corn will be from the 2015 harvest and the other half from 2016. All of the corn to unknown destinations will be from the 2015 harvest.

Old-crop soybean sales of 16.8 million bushels were down 18% from the prior week and new-crop sales of 5.5 million also were down. Leading old-crop buyers were unknown destinations, China and Indonesia, while new-crop business was led by China, unknown destinations, and Taiwan.

Old-crop wheat had a net reduction of about 364,000 bushels as buyers may have switched deals to new-crop grain. Wheat’s crop year ends May 31. Sales to Japan, Guatemala, Mexico and others were offset by cancellations by unknown destinations and Peru.  New-crop business of 13 million matched forecasts with unknown destinations, the Philippines and Japan the top buyers.

Chicago corn, soybean and wheat futures showed little reaction to the export numbers and the three markets closed higher in the overnight session. July corn closed up 3-1/2 cents and September up 3-1/2, July soybeans were up 8 and August up 6-3/4. July soft red winter wheat was up 6-3/4 and September up 6-1/2. Kansas City’s July hard red winter was up 7-3/4 cents and Minneapolis spring wheat for July was up 7.

Soymeal export sales of 169,500 metric tons were down from a week ago with Thailand, the Philippines, and Ecuador the top buyers. New-crop sales of 17,600 were led by the Philippines, Mexico and Bangladesh.

Sorghum sales of 4.45 million bushels were led by China, Japan and Mexico.

USDA exports - May 19, 2016 - Corn, soybeans sales rise, beat forecasts

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