Export sales of old-crop corn of 85.1 million bushels were a marketing-year high and topped trade forecasts as buyers from Asia and Latin America snatched up cargoes, possibly due to a lack of supplies from South America.

New-crop corn sales of 17.3 million bushels also topped forecasts in a Reuters’ poll as did old- and new-crop wheat sales.  Old-crop soybean sales were down for the week at 8.3 million, but new-crop sales more than doubled at 26.5 million bushels led by Mexico and China.

Export sales of old-crop corn set a marketing year high. (Photo: whyframestudio/Thinkstock)

“A lack of supplies out of South America is helping, as are worries about the second crop in Brazil,” Bryce Knorr, Farm Futures senior grain analyst, said of the corn sales. “All the talk about La Nina may also be stimulating some coverage of new crop needs by end users around the world who don’t want to be caught short.”

The 8.3 million bushels in old-crop soybean sales was down 45% from a week earlier but still easily exceeded the pace needed to meet USDA’s annual forecast. Mexico, Bangladesh, and Indonesia were the leading buyers. The 26.5 million in new-crop business was led by China, unknown destinations and Indonesia.

Old-crop wheat sales of 12.9 million and new-crop business of 16.7 million were both up from a week ago and better than expected. Mexico, Taiwan and Japan led old-crop buyers, while unknown destinations, the Dominican Republic and Guatemala led new-crop business.

Chicago corn and wheat futures moved higher after the export report and soybeans trimmed losses.. At the close of the overnight session, May corn futures were up 4 cents and July was up 4-1/4, May soybeans were down ¾ cent and July was down 1-1/4.  May soft red winter wheat was up 5-1/2 and July up 6-1/4. May hard red winter wheat was up 3 and July up 3-1/4.

Soymeal export sales of 209,600 metric tons were up 59% from a week ago with unknown destinations, Mexico and Guatemala the top buyers. New-crop sales of 63,800 tons were up sharply from a week earlier and unknown destinations, Ecuador and Canada.

Sorghum sales of nearly 2 million bushels went to unknown destinations and Mexico.