USDA export sales: Corn, soybeans post gains; wheat drops

USDA export sales: Corn, soybeans post gains; wheat drops

Corn, soybeans top forecasts in latest USDA export sales report

Corn and soybean export sales surged in USDA latest export sales report to top trade forecasts and surpass the weekly paces needed to meet USDA's annual projections.

Wheat sales, however, were down, smaller than expected, and under USDA's projected weekly pace.

Corn sales of 43.1 million bushels were up noticeably in the latest week with unknown destinations, Mexico and Colombia the leading destinations. A small sale of nearly 71,000 bushels of next year's harvest went to Nicaragua.

Corn, soybeans top forecasts in latest USDA export sales report (Photo by Ian Waldie/Getty Images)

The soybean sales of 53.4 million bushels were up 66% from a week ago. That easily surpassed the 9 million weekly pace needed to meet USDA's annual projection. China was the top buyer by a large margin, with lesser amounts going to the Netherlands, Turkey, Romania and others. A small sale of 36,740 bushels of 2016/2017 soybeans went to Japan

In daily reporting, USDA on Thursday said unknown destinations bought 4.41 million bushels of 2015/2016 soybeans. That business will be included in next week's weekly report.

Weekly wheat sales of 8.3 million bushels were down 43% from a week ago, missed trade forecasts and were under the pace needed to meet USDA's annual projections. Japan, Nigeria and Taiwan were the   top markets.

U.S. crop futures showed little reaction to the numbers going into the overnight's close. Soybean futures in Chicago closed the overnight down 2-3/4 cents in both January and March.  Corn futures were up 1-1/4 in March and up 1-1/2 in May.

Soft red wheat futures closed down 1-1/4 cents in March and down3-1/4 in May.  Hard red winter wheat futures for March closed down 1-1/4 and May was down 2-1/2. Spring wheat for March and May were both1-1/4 cents lower.

Soymeal export sales of 228,700 metric tons were up from a week ago and topped trade forecasts. The Philippines, Mexico and Thailand were the top buyers.

Sorghum sales came in at 4.08 million bushels with China taking most of that.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish