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Corn Exports Slip, But Close to Annual Target

Corn Exports Slip, But Close to Annual Target

Wheat sales hit by large cancellation in this week's USDA export sales report

USDA's weekly corn export sales of 25.9 million bushels for the current crop year were just short of expectations and down 31% from the previous week, but the volume reported on Thursday still pushed sales close to USDA's updated annual pace with South Korea and Japan the leading buyers.

USDA on Thursday put total weekly corn sales at 28.2 million, which trailed the previous week's 39.3 million and the average trade forecast of 35.4 million in a Reuters survey. Current crop-year sales are 94% of USDA updated annual forecast of 1.75 billion bushels.

Wheat sales hit by large cancellation in this week's USDA export sales report

Soybean export sales of current year supplies were 2.9 million bushels, up 20% from the prior week, but down 8% from the four-week average, with Mexico, South Korea and Taiwan the top buyers. A decline in sales has been expected following a torrid pace earlier this year and due to the availability of South American supplies. Current-year sales have already surpassed USDA's forecast of 1.58 billion bushels.

New-crop soybean sales of 7.7 million bushels matched expectations with China taking 6.6 million to lead buyers. Total soybean sales of 10.6 million bushels, topped the previous week's 3.1 million and inched past the average Reuters trade forecast of 10.1 million.

Wheat sales of 1.54 million bushels were the lowest in the current crop year and below forecasts largely due to a cancellation of 8.5 million to unknown destinations. The cancelled sales included hard and soft red winter, hard red spring and white. New-crop sales of 12.83 million bushels exceeded expectations with 8.87 million going to unknown destinations.

Wheat's total sales of 14.4 million were down from 23.8 million the previous week and the average Reuters forecast of 19.8 million.

Corn Exports Slip, But Close to Annual Target

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