Bob Burgdorfer, Senior Editor

June 23, 2016

2 Min Read

Export sales of old-crop wheat and soybeans dropped in the latest week, USDA said, while new-crop corn sales were up a little and new-crop soybeans down. The numbers largely matched expectations.

Corn sales were down 4% in old-crop at 34.3 million bushels. New-crop business of 21.7 million was about three times larger than a week ago to beat trade forecasts in a Reuters’ survey. Japan, Mexico and Venezuela led old-crop buyers, while unknown destinations, Japan and Saudi Arabia led new-crop business.

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In daily reporting on Thursday, USDA said South Korea bought 5.43 million bushels of corn, which was evenly split between the 2015/2016 and 2016/2017 crop years. That sale will be included in an upcoming weekly report.

USDA’s weekly report put old-crop wheat sales at 17 million bushels, down 39% from the prior week, plus it had new-crop sales of about 92,000 bushels. The Philippines, Venezuela and Indonesia led old-crop buyers, while Mexico bought the new crop.

In the weekly report, old-crop soybean sales of 24.3 million bushels were led by unknown destinations, Japan and Thailand, while new-crop business, also 24.3 million, was led by unknown destinations, China and Taiwan.

According to Farm Futures estimates, year-to-date old-crop corn and soybean sales have surpassed USDA’s annual forecasts. The wheat sales at 17 million bushels exceeded the pace needed to meet USDA’s annual forecast.

Near the end of overnight trading and after the export report, corn and soybean futures in Chicago added to losses, while wheat futures showed little reaction. At the close of the overnight session, Chicago’s July corn was down 5-1/4 cents and September down 5, July soybeans were down 6 cents and August down 7.

July soft red winter wheat was up 1-3/4 cents and September up 1-1/2. Kansas City’s July and September hard red winter wheat were both unchanged, while Minneapolis spring wheat for July was up 1-3/4 and September was up 1-1/2.

Soymeal export sales of 162,500 metric tons were nearly double the previous week’s business with the Philippines, Ecuador and Peru the top buyers. New-crop sales of 24,000 were led by Nicaragua, Venezuela and Honduras.

Sorghum sales of 6.6 million bushels were up sharply from the prior week and led by unknown destinations and China.

USDA exports – Corn, soybeans sales slip in latest week

USDA exports - June 16, 2016 - Soybean sales up as China buys

USDA exports - June 9, 2016 - Strong corn, soybean sales firm markets

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