Corn and soybeans had a big week in export sales with both topping trade forecasts and soybeans setting a marketing-year high.
Wheat sales were less favorable, down 64% from the prior week and quite a ways below trade forecasts in a Reuters’ poll.
In addition to the weekly sales, USDA on Thursday reported daily sales of 5.35 million bushels of optional-origin corn to South Korea, 17 million bushels of corn to Mexico and 4.41 million bushels of soybeans to unknown destinations. The corn to South Korea can be from the U.S. or other countries and the soybeans to unknown destinations will be evenly split between the 2016 harvest and the 2017 one.
The daily sales will be included in a future weekly export sales report.
In the weekly report, USDA put corn sales at 58 million bushels, up 84% from the prior week. That easily topped the pace needed to meet USDA’s annual forecast. Japan, Mexico and Cuba were the top buyers.
Soybean sales of 92.4 million bushels were up 28% from the prior week and topped the pace needed to meet USDA’s annual number by a large margin. China took the majority of the soybeans followed by Germany and Thailand. Also, 2.2 million bushels of 2017/2018 soybeans went to Spain.
Weekly wheat sales of 8.6 million bushels were down 64% from the previous week, missed trade forecasts and missed the amount needed to meet USDA’s annual forecast. Mexico, the Philippines and Venezuela were the leading buyers.
Chicago’s corn futures barely moved in the closing minutes of the overnight session, while soybeans rose about a penny and winter wheat dropped about a penny. Corn futures closed 1-1/4 cents higher, soybeans 2-3/4 cents higher in November and January. Soft red winter wheat futures closed 2-1/2 cents lower in December, hard red winter 1-1/2 cents lower in December and spring wheat ¾ cent lower.
Soymeal export sales of 301,000 metric tons were up from a week ago and largely matched trade forecasts, with the Philippines, Vietnam and Mexico the top buyers. Also 4,200 metric tons of 2017/2018 soymeal were sold to Mexico and Canada.
Net sorghum sales of 15.9 million bushels were up sharply from a week ago and a marketing-year high. The top markets were China, unknown destinations and Mexico.
Weekly Grain Movement - Oct. 24, 2016 - Soybean harvest going fast; barge rates jump
Weekly Grain Movement - Oct. 17, 2016 - Corn sales increase as prices rise