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China takes most of the soybeans, Peru takes corn.

Bob Burgdorfer, Senior Editor

December 8, 2016

3 Min Read

Corn, soybean and wheat export sales released on Thursday were higher for the week and topped trade forecasts. China was again the top buyer of soybeans, while Peru led buyers in corn and Taiwan in wheat.

USDA’s weekly export report  put corn sales at 58.9 million bushels, which was nearly double the previous week’s business. The amount surpassed trade forecasts in a Reuters’s poll and was nearly double the weekly pace needed to meet USDA’s annual forecast. After Peru, the leading buyers were Japan, Mexico and South Korea.

There was a small sale of 39,370 bushels of 2017/2018 corn to Nicaragua.

usda_exports_corn_soybean_wheat_sales_increase_1_636167836571637938.jpg

Soybean sales of 53.7 million bushels were up 10% from the prior week and easily topped the pace needed to meet USDA’s annual projection. After China, leading buyers included Pakistan, the Netherlands and Vietnam. Many of the China sales were previously reported via USDA’s daily reporting program.  A small sale of 220,440 bushels of the 2017/2018 crop went to unknown destinations.

The wheat sales of 18.5 million bushels were up 4% from the prior week and also topped the weekly pace needed to meet USDA’s annual forecast. The business was led by Taiwan, Japan and China. There was a small sale of nearly 900,000 bushels of 2017/2018 wheat to Mexico and Guatemala.    

Also on Thursday, USDA reported daily sales of 13.1 million bushels of 2016/2017 optional origin corn to South Korea, 5 million bushels of 2016/2017 soybeans to unknown destinations and 20,000 metric tons of 2016/2017 soybean oil to South Korea. The optional-origin corn can be sourced from the United States or other countries. The daily sales will be included in a future weekly export report.

Chicago’s corn, soybean and wheat markets had little reaction to the export report in the closing minutes of the overnight session. Corn futures closed the session ½ cent higher in December and ¼ cent lower in March, while soybeans were 10 cents lower in both January and March. March wheat futures closed up 4 cents in soft red winter, up 4-3/4 in hard red winter and up 2-1/2 in spring wheat.

Soymeal export sales of 222,500 metric tons were up 48% from the prior week and matched trade forecasts. Thailand, Canada and Mexico led buyers.

Soybean oil sales of 13,400 metric tons were down sharply from the prior week, but matched forecasts.  The business was led by South Korea, the Dominican Republic and Nicaragua.

Sorghum had a net reduction in business as cancellations offset sales. The net reduction was nearly 410,000 bushels. The top sales went to China and Nigeria.

USDA exports – Corn, soybean, wheat sales increase

Related stories:

Dec. 1, 2016 - USDA exports - Corn, soybean, wheat business declines

Nov. 25, 2016 - Mexico, China keep buying

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