USDA export sales: New-crop corn, soy export sales slip

USDA export sales: New-crop corn, soy export sales slip

Old-crop corn, soy sales wind down in latest USDA export sales report

New-crop corn and soybean export sales in USDA's weekly report on Thursday were down from the previous week, but the corn business beat trade forecasts and the soybeans matched then.

Old-crop business for both crops was light as there is just few weeks remaining in those market years.

Wheat sales were down about 50% from the previous week but within forecasts.

Old-crop corn sales of 1.15 million bushels went to South Korea, Egypt, Colombia and others. New-crop sales of nearly 19.8 million were led by unknown destinations, Mexico and Japan. 

Old-crop corn sales are at 100% of USDA's forecast. Shipments of old-crop corn totaled 33.1 million, to put the year-to-date pace at 90% of USDA's forecast.

Old-crop corn, soy sales wind down in latest USDA export sales report (Thinkstock/EdMetz)

Old-crop soybean sales of 3.5 million were an improvement from the previous week's net reduction.  Indonesia, Morocco and Taiwan led buyers.  Old-crop sales remain on track to surpass by a few percentage points USDA's targeted amount, while shipments are currently at 98% of that target.  

New-crop soybean sales of 24.3 million bushels were down from a week ago but about as expected, with China, unknown destinations, and Costa Rica the leading buyers

Weekly wheat export sales were down about 50% from the previous week at 15.5 million bushels. Wheat sales and shipments in the eight-week old crop year are down about 16% from a year ago. The sales matched trade forecasts with the Philippines, Mexico and China the leading buyers. About 22,000 bushels in 2016/2017 wheat were sold to Italy.

Chicago corn and wheat markets had little reaction to the export numbers as the markets recovered some of what they lost on Wednesday. Corn futures were about 2-1/2 cents higher, soybeans a little more than 7 cents higher and wheat 4 to 5 cents higher as the overnight markets closed shortly after the export numbers were released.

USDA reported soymeal export sales of 57,100 metric tons for the 2014/2015 crop year, up 38% from the previous week with Thailand, the Philippines and Mexico the leading buyers. New-crop sales were 277,000 and led by unknown destinations and the Philippines.

Old-crop sorghum had a net reduction of 2.44 million bushels as cancellations by unknown destinations offset sales to China. New-crop sales of 65.6 million went to China and unknown destinations.

USDA export sales: New-crop corn, soy export sales slip

Download full charts by Bryce Knorr using the pdf link.

TAGS: USDA
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