Soybeans and wheat export sales had a big week with wheat topping trade forecasts and soybeans matching forecasts.

Corn sales of 31.5 million bushels were down 21% from the prior week, USDA said in its export report for the week ended Oct. 20. That number missed trade forecasts in a Reuters’ poll, but still topped the pace needed to meet USDA’s annual forecast. Mexico, the Netherlands and Japan were the leading destinations

Soybean sales of 75.2 million bushels were up 2% from the prior week and also topped the pace needed to meet USDA’s annual number. China took the majority of the soybeans followed by Mexico and Italy.

Soybeans and wheat export sales had a big week with wheat topping trade forecasts and soybeans matching forecasts. (Photo: Stewart Sutton/Thinkstock)

Weekly wheat sales of 23.7 million bushels were up 26% from the previous week and exceeded the amount needed to meet USDA’s annual forecast.  Unknown destinations, Taiwan and Japan were the leading buyers. Also, slightly less than 1 million bushels of 2017/2018 wheat went to the Philippines and Mexico.

In daily reporting, USDA on Thursday said China bought nearly 14.6 million bushels of soybeans and 8.03 million of sorghum and unknown destinations bought 4.74 million bushels of soybeans. Those deals were for the 2016/2017 crops and will be included in future weekly sales reports.

Chicago’s crop futures weakened in the closing minutes of the overnight session and after the export numbers were released. Corn futures dropped about 2 cents to close ½-cent higher, soybean futures turned lower to close 1-1/2 cents lower in November and January. Soft red winter wheat futures slipped about a penny to close 2-3/4 cents higher in December, hard red winter eased a penny to close 3/4 cent higher in December and spring wheat for December also dropped a penny to close ¾ cent higher.

Soymeal export sales of 146,200 metric tons were down from a week ago and missed trade forecasts. The Philippines, unknown destinations and Guatemala were the top markets.

Net sorghum sales were less than 12,000 bushels due to cancellations. They were still up from the prior week and went to China and South Korea.

Oct. 14, 2016 - USDA exports - Corn, soybean sales slip as expected

Oct. 20, 2016 - USDA exports - Big week for corn and soybean sales