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USDA exports – Soybean sales drop, corn inches up

Wheat business has small decline.

Weekly export sales of old-crop soybeans were down nearly 50% in USDA’s weekly report to miss trade forecasts but were enough to stay above the pace needed to meet USDA’s annual forecast.

Soybean export sales are typically slow in the spring as buyers shop in South America. Corn sales inched up for old- and new-crop supplies, while wheat sales were up a little for both crop years.

In corn, old-crop corn sales of 29.8 million bushels were up 3% from the previous week with Japan, South Korea and Peru the leading buyers. New-crop sales of 3.6 million bushels were up from the prior week but missed trade forecasts in a Reuters’ poll. Japan and Mexico were the buyers.

Old-crop soybean sales of 7.8 million bushels were down 48% from the prior week with the Netherlands, China and Canada the top markets. The majority of the Netherlands business was switched from unknown destinations. There were about 514,000 bushels in new-crop sales, which were down from a week ago, and they went to Mexico.

Old-crop wheat sales of 15.2 million bushels were down 2% for the week but matched trade forecasts. The sales were short of the projected pace needed to meet USDA’s annual forecast. Indonesia, Japan and Mexico led buyers.

There were 5.04 million bushels of 2017/2018 wheat sales, up from a week ago, with China, unknown destinations and Japan the leading buyers. Wheat’s 2017/2018 crop year starts June 1.

In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was up 1-3/4 cents and July up 2-1/4. May soybeans were up 4 cents and July up 4-1/4.

CBOT May soft red winter wheat futures each closed the overnight session up 2 cents and July up 1-1/2. Kansas City’s May hard red winter wheat was up 2-1/2 cents and July up 2-3/4. In spring wheat, May was down ¾ cent and July down 1/2.

Soymeal export sales of 135,000 metric tons were down 15% from the previous week but matched trade forecasts. The Philippines, unknown destinations and Colombia led buyers. New-crop business of 100 metric tons was down sharply from the prior week with Canada the buyer.

Soybean oil sales of 33,200 metric tons were up 78% from a week ago to beat trade forecasts with South Korea, the Dominican Republic and Mexico the leading buyers.

Sorghum sales of nearly 1.85 million bushels went to China.

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