USDA export sales: Corn, soybean sales drop; wheat increases

USDA export sales: Corn, soybean sales drop; wheat increases

Lower sales hit soybean futures, according to Thursday's USDA export report

Corn and soybean export sales declined in the latest week,  with the corn business at 19.7 million bushels less than the weekly pace needed to matched USDA's annual forecast, while the soybeans sales of 32.3 million easily surpassed USDA's expected weekly pace, the USDA export sales report said Thursday.

Wheat sales of 14.4 million bushels were up 29% from a week ago and surpassed the pace needed to meet USDA's annual projections. China, South Korea and unknown destinations were to the top markets. Also, 1.5 million bushels of 2016/2017 wheat was sold to Panama, the Leeward Windward Islands s and the Philippines.

USDA export sales: Corn, soybean sales drop; wheat increases

The corn sales were up 26% from a week ago and missed trade forecasts in a Reuters poll by a small margin. Top buyers in the latest week were Mexico, Japan and Guatemala.

The soybean sales of 32.3 million bushels were down 25% from a week ago and were at the low end of trade forecasts. They easily surpassed the 9.6 million weekly pace needed to meet USDA's annual projection. China remained the top buyer, with lesser amounts going to Turkey, Egypt and others.

In daily reporting, USDA on Thursday said China bought 4.85 million bushels of 2015/2016 soybeans. That business will be included in next week's weekly report.

 Soybean futures in Chicago dropped about 3 cents after the report to close the overnight session down 6-1/2 cents in January and March.  Corn futures had little reaction to exports with March ending the overnight session down ¾ cent.

Soft red wheat futures rose a few cents with December up 3-1/2 and March up 3-1/4 before the overnight closed.  Hard red winter wheat futures for March rose after the exports to close up 2-3/4 cents. Spring wheat was little changed with December holding at 3-1/2 cents higher and March at 3-1/4 cents higher.

Soymeal export sales of 77,500 metric tons were a marketing year low and down 70% from the prior week. Egypt, Germany and Colombia were the top buyers.

Sorghum sales came in at 4.3 million bushels with China the buyer.

USDA export sales: Corn, soybean sales drop; wheat increases

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