Bump In Corn Exports Lifts Futures, New-Crop Wheat Sales Jump

Bump In Corn Exports Lifts Futures, New-Crop Wheat Sales Jump

Soybean sales rise as China buys new-crop supplies

Export sales of old-crop U.S. corn rose last week from the previous week, due in part to sales to Mexico and Egypt, USDA said on Thursday, prompting a mild rise in Chicago corn futures.

Old-crop corn sales were nearly 24.5 million bushels, up 22% from the previous week, and new-crop sales of nearly 3.6 million bushels put total sales at 28 million bushels, which was better than the average of trade estimates collected by Reuters. Old-crop corn sales are 93% of USDA's crop-year forecast.

Soybean sales rise as China buys new-crop supplies

Old-crop soybean export sales of 2.2 million bushels were down from the previous week but in line with trade estimates, while new-crop business of 30.2 million bushels was better than expected. Taiwan and Japan led old-crop buyers, while unknown destinations and China led new-crop. The old-crop tally put that crop-year's sales at 103% of USDA's forecast.

 Old-crop soymeal sales of 83,700 tonnes were down 55% from the previous week but within expectations, with Mexico and Venezuela the leading buyers. New-crop business of 200 tonnes missed forecasts with Canada the lone buyer.

Old-crop wheat had a net reduction in sales of 1.9 million bushels due to cancellations by Taiwan, unknown destinations, and others. Poor old-crop business had been expected as buyers of U.S. wheat   focus on the new-crop year, which starts Sunday.  New-crop wheat sales were better than expected at 19.5 million bushels led by Brazil, South Korea and Japan.

Bump In Corn Exports Lifts Futures, New-Crop Wheat Sales Jump

TAGS: USDA
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