March 31, 2016
Export sales of old-crop corn, soybeans and wheat were down from a week ago in the latest USDA weekly report , with old-crop corn sales down 2% at 31.1 million bushels and soybean sales down 34% at nearly 10 million bushels, both of which missed trade forecasts.
Wheat sales of 11.7 million for old-crop were down 14% from the prior week but matched forecast in a Reuters’ poll, while the new-crop sales of 3.1 million were down from a week ago but matched forecasts.
The corn, soybean and wheat sales did exceed the paces needed to meet USDA’s annual forecasts.
The old-crop corn sales were led by Taiwan, South Korea and Japan. (Photo: RGtimeline/Thinkstock)
The old-crop corn sales were led by Taiwan, South Korea and Japan. New-crop sales of 2.7 million were led by unknown destinations and Nicaragua.
The old-crop soybean sales were led by Indonesia, the Netherlands and Bangladesh. Sales for the 2016/2017 market year, sales of 3.3 million bushels went to unknown destinations.
In wheat, the old-crop wheat sales were led by the Philippines, Thailand and Mexico, while the new-crop business went to Mexico, Nigeria, Jamaica and Colombia.
Corn and wheat futures had little reaction to the export numbers, while soybean futures dropped about a penny. At the close of the overnight session, May corn futures were down ¾ cent, May soybeans were unchanged after being a little higher. May soft red winter wheat was down 3/4 cent and May hard red winter down 1/4.
Soymeal export sales of 211,600 metric tons were down 55% from the week ago market-year high. The Philippines, Venezuela and the Dominican Republic led buyers. Net sales of 200 tons of 2016/2017 soymeal went to Canada.
Sorghum had a net reduction of 283,464 bushels as cancellations by unknown destinations and China offset sales to Pakistan, and Mexico.
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