Corn and soybean export sales were down in the latest week with the corn business matching trade forecasts in a Reuters polls while soybeans missed.
Wheat export sales in USDA’s weekly report were more than three times larger than the previous week to beat trade forecasts. Sales of all three crops exceeded the weekly paces needed to meet USDA’s annual forecasts.
In addition to the weekly sales, USDA on Thursday reported daily sales of 4.63 million bushels of 2016/2017 soybeans to China and 5.51 million bushels of 2016/2017 corn to Saudi Arabia. Those sales will be included in a future weekly export sales report.
In the weekly report, USDA put corn sales at 48.6 million bushels, down 16% from the prior week. Mexico, Japan and Taiwan were the top buyers.
Soybean sales of 36.8 million bushels were down 60% from the prior week. China took the majority of the soybeans followed by the Netherlands and Thailand. Also, 3.7 million bushels of 2017/2018 soybeans went to unknown destinations and Mexico.
Weekly wheat sales of 28.3 million bushels were up considerably from the previous week. Unknown destinations, China and Thailand were the leading buyers.
Chicago’s crop markets barely moved in the closing minutes of the overnight session and after the exports were released. Corn futures closed 3-1/4 cents higher, soybeans 15-1/2 cents higher in January. December wheat futures closed 3-1/4 cents higher in soft red winter, 2-3/4 in hard red winter and 4-1/4 higher in spring wheat.
Soymeal export sales of 149,900 metric tons were down from the prior week and missed trade forecasts by a small margin. The Philippines, Denmark and Thailand were the top buyers. Also 5,800 metric tons of 2017/2018 soymeal went to Mexico.
Net sorghum sales of 13.8 million bushels were down 13% from a week ago. The top markets were China, unknown destinations and Japan.
Weekly Grain Movement - Nov. 3, 2016 - Corn, soybeans have big week; wheat slips
Weekly Grain Movement - Oct. 24, 2016 - Soybean harvest going fast; barge rates jump