Last week was busy for corn, soybean and wheat exports, with sales of all three crops up from the prior week particularly in new-crop soybeans where sales more than doubled the previous week’s business, USDA’s weekly export report showed.

Larger corn and soybean export numbers had been expected as USDA had announced many of the deals in its daily reporting program for big sales.

Last week was busy for corn, soybean and wheat exports, with sales of all three crops up from the prior week particularly in new-crop soybeans. (Photo: Stewart Sutton/Thinkstock)

Also on Thursday, USDA announced three daily sales that included 4.41 million bushels of new-crop soybeans to China, 4.74 million bushels of new-crop soybeans to unknown destinations and 100,460 metric tons of soybean meal to Mexico. The soybean meal to Mexico included 72,122 tons of 2016/2017 supplies and 28,338 of 2017/2018. These daily sales will be added to a future weekly report.

In the export report for the week ended Aug 4, old-crop corn sales of 23.4 million bushels were up 80% from the prior week and beat estimates in a Reuters’ poll. South Korea, Saudi Arabia and Egypt were the top buyers. The 23.4 million was enough to keep corn sales on pace to surpass USDA’s annual forecast with about four weeks left in the crop year, however the shipments of 56.8 million bushels was short of the amount needed to meet that forecast.  

New-crop corn business of 40 million bushels was led by unknown destinations, Mexico and Chile.

Old-crop soybean sales of 11.3 million were led by China, Vietnam and Spain. Total old-crop soybean sales have surpassed the annual amount forecast by USDA. New-crop sales of 102.6 million bushels were up sharply from the previous week and led by China and unknown destinations.

Wheat sales came in at 22.3 million bushels, up 86% from the prior week, and beat trade forecasts, with Mexico, Indonesia and unknown destinations the leading buyers.

Chicago’s crop markets had little reaction to the numbers, with corn futures near unchanged when the overnight session closed, soybeans lost a few cents after the exports with November down ½ cent; and wheat markets were 1 to 2 cents higher.

Soymeal export sales of 47,900 metric tons were down 36% from the previous week with Mexico, Guatemala and Venezuela the leading buyers. New-crop sales of 50,400 also were down from a week ago with unknown destinations, Nicaragua and Burma the leading markets.

Sorghum sales of 2.38 million bushels for 2015/2016 were down from a week ago and went to China, unknown destinations and Colombia. New-crop sales of 2.19 million went to unknown destinations.

USDA exports - Aug. 4, 2016 - New-crop corn, soybean sales increase

USDA exports - July 28, 2016 - Old-crop soybean sales cancelled