Corn, soybean and wheat export sales released on Thursday were down for the week, with the decline in corn larger than expected, while the soybean and wheat numbers were within trade forecasts.

China was the majority buyer of sorghum, soybeans and soybean oil, while usual buyers Japan, South Korea and Mexico led the corn business, according to USDA’s weekly export report.

In the report, corn sales at 30 million bushels were down 55% from a week ago, but largely matched the weekly pace needed to meet USDA’s annual forecasts.

Corn, soybean and wheat export sales released on Thursday were down for the week. (Photo: hxdbzxy/Thinkstock)

Soybean sales of 51.4 million bushels were again led by China, with the Netherlands, Mexico and others taking the rest. The weekly sales easily topped the pace needed to meet USDA’s annual projection due to big sales earlier in the season. A small sale of 2.4 million bushels of 2017/2018 soybeans went to unknown destinations.

The wheat sales of 17.8 million bushels topped the weekly pace for USDA’s forecast and were led by Indonesia, Mexico and South Korea. There was a small sale of 300,000 bushels of 2017/2018 wheat to Mexico.    

Chicago’s corn and soybean markets weakened after the export report in the closing minutes of the overnight session. Corn futures were about a penny higher before the report but closed about unchanged, while soybeans went from about 5 cents higher to 2 cents lower in nearby months. December wheat futures closed down ¾ cent in soft red winter, ¾ higher in hard red winter and up 4-1/4 cents higher in March spring wheat.

Soymeal export sales of 150.400 metric tons were at the low end of trade forecasts and down 33% from the prior week. Mexico, Honduras and Nicaragua led buyers.

Soybean oil sales of 54,500 metric tons were a marketing year high. The business was led by China’s purchase of 30,000 tons, which was reported last week via USDA’s daily reporting system. Also buying were South Korea, the Dominican Republic, Mexico and Colombia.

Net sorghum sales of 8.94 million bushels were down 22% from a week ago. The top markets were China and unknown destinations.

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