Corn export sales in the latest week were better than expected and up considerably from the previous week with unknown destinations, Japan and South Korea the leading buyers, while soybean sales were down sharply and missed forecasts due to cancellations by unknown destinations and China, USDA said on Friday.
Wheat sales were up 61% from the previous week, with unknown destinations, the Philippines and Nigeria the leading buyers.
Chicago corn futures turned slightly higher in electronic trading after the export report. Soybeans dropped a few cents to trade about 5 cents lower, while the wheat markets had little reaction and remained 3 to 5 cents lower.
The corn sales of 86.1 million bushels for the week ended Jan. 15 were the highest for the marketing year that started Sept. 1, 2014 and easily beat trade forecasts in a Reuters' survey.
Weekly soybean sales of 518,034 bushels were down sharply from the previous week due to the cancellations. Russia and the Netherlands were the leading buyers. The cancellations included 15.2 million by unknown destinations and 2.8 million by China. Also, 3.7 million bushels of 2015/2016 soybeans were sold, with most going to unknown destinations and a few to Japan. .
In daily reporting this past week, USDA said China cancelled two soybean purchases, totaling 16.9 million bushels. Those cancellations will likely be included in future weekly export reports.
Soymeal sales of 284,500 metric tons for 2014/2015 were more than triple the previous week's and slightly more than trade forecasts. Spain, Colombia, Mexico and Denmark were the top buyers. Also, 6,100 metric tons of 2015/2016 soymeal were sold, with most going to unknown destinations and a few to Canada.
Wheat sales of nearly 16.8 million bushels of the 2014/2015 exceeded trade forecasts. Unknown destinations, the Philippines and Nigeria were the leading buyers. Also in the weekly business 3.9 million bushels of 2015/2016 wheat went to the Philippines, Nigeria and Jamaica.