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USDA exports - Old-crop sales drop for corn, soy and wheatUSDA exports - Old-crop sales drop for corn, soy and wheat

Old-crops sales exceeded the paces needed to meet USDA forecasts.

March 31, 2016

2 Min Read

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. 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.

USDA exports – Old-crop sales drop for corn, soy and wheat
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