Export sales of old-crop and new-crop soybeans were up  from a week ago in USDA’s latest weekly report and old-crop business beat trade forecasts in a Reuters poll. China was a buyer in both crop years.

Wheat sales at 28 million bushels were more than trip the previous week with Asian and Latin American countries taking the bulk of the business. Top buyers were unknown destinations, Mexico and South Korean.

Corn sales were down 39% in old-crop at 35.8 million bushels , while new-crop business at  7 million missed trade forecasts but was up from a week ago.

Export sales of old-crop and new-crop soybeans were up from a week ago in USDA’s latest weekly report. (Photo: hxdbzxy/Thinkstock)

Corn and soybean futures in Chicago added to losses going into the overnight’s following  the export report, while the wheat had little reaction and closed with modest gains.

The old-crop soybean sales of 30 million bushels were led by unknown destinations, China and Saudi Arabia, while new-crop business of 28.2 million was led by China, unknown destinations, and Mexico.

Old-crop corn sales were led by Japan, South Korea and Colombia. New-crop sales of 7 million were led by unknown destinations, Mexico and Japan. USDA noted that export shipments during the week of 59.4 million bushels were a market-year high.

At the close of overnight trading, Chicago’s July corn was down 1-1/4 cents and September  down 1, July  and August soybeans were both down 9-3/4  cents. July and September soft red winter wheat were up 1 cent. Kansas City’s July hard red winter wheat was up 2-1/4 and Minneapolis spring wheat for July up 2-1/4.

Soymeal export sales of 84,400 metric tons were up 91% week ago with Honduras, Dominican Republic  and Colombia the top buyers. New-crop sales of 108,500 were led by Thailand, unknown destinations and Panama.

Sorghum sales of 1.97 million bushels were down from the prior week and led by China and Japan.

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

USDA exports - June 3, 2016 - Export report confirms some of market's hopes