Soybean futures pared gains in Chicago on Thursday after USDA's weekly export sales of 20.1 million bushels fell short of trade expectations, however old-crop sales have surpassed government forecasts.
The 20.1 million bushels was largely new crop, with 437,206 in old-crop business. Old-crop net sales of soybeans were hit by 8.9 million bushels in cancellations. New-crop business was led by China, Indonesia and unknown destinations.
Corn and wheat sales were better than expected, with corn's 56.6 million bushels nearly double trade expectations for 28.5 million. Chicago corn futures moved slightly higher soon after the data's release. Old crop corn sales of 55.5 million were up 89% from the previous week, and up 49% from the four-week average, with Egypt and Mexico leading buyers.
New-crop corn sales totaled 1.12 million bushels and were led by unknown destinations and China.
Wheat futures stayed lower Thursday morning as the market remained in retreat after posting strong gains recently in reaction to dry conditions in the southwest Plains where winter wheat is entering its spring growth phase. Net wheat sales totaled 14.7 million bushels of old crop, with Japan the leading buyer, and 12 million of new crop, led by Mexico.
Soymeal export sales of 158,500 tonnes in old-crop were down 35% from the previous week, with Saudi Arabia, the Philippines and Mexico among the leading buyers. Adding in new-crop sales of 31,000 tonnes put the week's total business at 189,500.
How will the March 31 USDA reports impact your bottom line? Farm Futures Senior Market Analyst Bryce Knorr and Farm Futures Senior Editor Bob Burgdorfer will discuss the reports and the spring weather outlook in a free webinar April 7 at 7 p.m. CDT. Learn more about the Farm Futures webinar.