July 21, 2016
Export sales of old-crop corn and soybeans were down in the latest week, while new-crop soybean sales of 36.8 million bushels jumped 83% to beat forecasts with unknown destinations taking the majority of that amount.
USDA reported old-crop corn export sales of 13.6 million bushels, which were down 48% for the week and missed forecasts in a Reuters poll, with Taiwan, Mexico and South Korea the top buyers. New-crop corn business of 19.9 million was led by unknown destinations, Japan and Mexico.
Old-crop soybean sales of 11.9 million were down 11% from a week ago, with China, Indonesia and Thailand the leading buyers.
Year-to-date old-crop corn and soybean sales have either matched or exceeded USDA’s annual forecasted sales.
Wheat sales came in at 17.6 million bushels, up 50% from a week ago and matched trade forecasts, with unknown destinations, Japan and China the leading buyers.
Crop futures had little reaction to the exports, with Chicago corn futures closing the overnight session about unchanged, while soybeans and wheat finished higher. The overnight session closed 15 minutes after the export report and Chicago’s September corn was down ¼ cent, August soybeans up 9-3/4 and September soft red winter wheat up 4-1/4. Kansas City’s September hard red winter wheat was up 4-3/4 cents and Minneapolis spring wheat for September up 4-1/2.
Soymeal export sales of 150,400 metric tons were up 11% from the previous week with Peru, Ecuador and the Philippines the top buyers. New-crop sales of 60,200 went to Peru, unknown destinations and Mexico.
Sorghum sales of 2.1 million bushels for 2015/2016 were up 25% from a week ago and went to China, Colombia and Indonesia.
USDA exports - July 14, 2016 - Corn sales jump, soybeans mixed
USDA exports - July 8, 2016 - Corn and soybeans slip in latest week
Click on the link below for more charts.
About the Author(s)
You May Also Like