Export sales of old-crop U.S. corn were on the high-end of trade estimates at 21.7 million bushels, but down from the previous week, with frequent customer Japan to largest buyer, while new-crop sales of 771,652 were down from a week early and missed forecasts by a large margin.
Chicago corn and soybean and wheat futures on Thursday had little reaction to USDA's weekly export report, as traders likely stayed focused on crop development in the Midwest. Winter wheat futures turned lower in morning trading.
Old-crop soybean sales of nearly 1.52 million bushels were down from the previous week but within expectations, with Japan and Mexico leading buyers. Total soybean sales for the current crop year are 103% of USDA's forecast. New-crop business last week of 8.47 million bushels was less than expected with unknown destinations and China the leading buyers.
Old-crop soymeal sales of 65,800 tonnes were down 21% from the previous week but within expectations, with Mexico, Canada, and Venezuela leading buyers. New-crop business of 233,700 tonnes was a big increase from a week earlier, but within expectations as Philippines and Vietnam led buyers.
Old-crop wheat sales of nearly 73,500 tonnes were an improvement from the previous week's net decline and matched forecasts. Total old-crop sales as of May 29 were 98% of USDA's forecast. Those sales are winding down as the new–crop year began June 1. New-crop wheat sales at 12.5 million bushels, were down from the previous week but about as expected with Nigeria, Sri Lanka and Japan top buyers..
"The slow pace of wheat sales is another reminder of the intense competition on the world market. Wheat's price is set by buyers in Cairo and Algiers, not in Kansas," said Bryce Knorr, Farm Futures senior grain analyst.