Export sales of new-crop U.S. corn and soybeans surged last week to top expectations as lower prices likely attracted buyers.
USDA's weekly export report on Thursday showed 90 million bushels of new-crop soybeans were sold, mainly to China, and 45 million bushels of corn. Chicago corn and soybean futures moved higher in electronic markets after the report.
The increase in export sales followed an extended decline in U.S. corn and soybean futures this summer. Corn futures dropped to a four-year low and soybeans to a 2-1/2-year low as favorable weather has both U.S. crops in mostly good to excellent condition.
In Thursday's report, sales of old-crop corn were 11.5 million bushels, down 49% from the previous week, while new-crop sales of 45 million bushels were more than double a week earlier and far exceeded trade forecasts. Unknown destinations and Japan were leading buyers of the new-crop grain.
Soybean sales included nearly 8.3 million bushels of old-crop business, which was an increase from the previous week, and 90 million of new-crop, more than four times the previous week's. More than half of the old-crop sales and about half of new-crop sales went to China.
Wheat sales at 16.3 million bushels were up from the previous week and within trade forecasts, with Japan, Nigeria, and Singapore the leading buyers.
Find the complete USDA weekly export report on the agency website.