Export sales of new-crop U.S. soybeans increased in the latest week, led by sales to China and Spain, while old-crop business was a net decrease as China and unknown destinations cancelled orders, USDA said in its weekly report on Thursday.
Old-crop soybean sales had a net reduction of 3.3 million bushels, while new-crop business was a net gain of 52.2 million. Despite the old-crop reduction, 2013/2014 sales still exceed USDA's forecast for the crop year.
Old-crop corn sales of 3.93 million bushels were led by Egypt and South Korea and were up from a week ago. New-crop business of 28.3 million was down from a week ago, but within expectations, with Colombia and Mexico top buyers.
Wheat sales of 7.7 million bushels were down from a week ago and short of trade forecasts, with the Philippines and Nigeria top buyers.
Chicago futures had little reaction to the exports, with the corn, soybean and wheat futures all posting modest gains before and after the report.
Soymeal sales for 2013/2014 had a net gain of 99,800 metric tons, an improvement from the previous week's net reduction, with unknown destinations, Mexico and Canada the leading buyers. New-crop sales of 78,600 metric tons were down from the previous week and short of trade forecasts, with Colombia and El Salvador the leading markets.