Soybean Export Sales Dip to Market-Year Low

Soybean Export Sales Dip to Market-Year Low

Corn sales up 80%, wheat sales down in weekly export report

Weekly soybean export sales of 17.8 million bushels were a marketing year low and missed trade estimates, while soymeal sales of 265,700 metric tons were up from the week before and featured only one small cancellation, USDA's weekly export report said on Thursday.

While the soybean sales were down from a week ago, export shipments of 113.1 million bushels were a marketing year high with most going to China.

Also on Thursday, USDA announced a corn and a soybean sale in its daily reporting. That is the fourth daily soybean sale announced this week. These daily sales will be included in future weekly export reports.

Corn sales up 80%, wheat sales down in weekly export report

Weekly corn sales at 35.8 million bushels were up 80% from a week ago and topped estimates in a Reuters' survey, with Japan, Mexico, and Peru the leading buyers.  Export shipments of 15.2 million bushels were a marketing year low.

Wheat sales of 13.3 million bushels were down 13% from the prior week but matched trade forecasts. Sales were led by unknown destinations, the Philippines and Japan.

Chicago soybean futures dropped about 4 cents a bushel after the report to trade 2 cents higher in the January and March contracts.  Corn, wheat, and soymeal futures showed little reaction to the export numbers, with corn up about 2 cents, soft red winter wheat down 3, and December soymeal down 90 cents a ton.

There was a sale of 200,000 bushels of 2015/2016 soybeans to Japan in Thursday's weekly report.

Soybean Export Sales Dip to Market-Year Low

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