New-crop export sales of corn and soybeans were up in the latest week and topped trade forecasts in a Reuters survey by large margins, while cancellations in old-crop business caused net reductions in both crops, USDA's export sales report said on Thursday.
Old-crop corn had a net reduction of nearly 5.2 million bushels as a number of countries cancelled sales. Some of those destinations may have opted to switch to new-crop supplies as the new-crop year starts Sept. 1. Even with the latest cancellations, old-crop corn export sales remain on track to beat USDA's crop-year.
New-crop corn sales of 38.8 million bushels were up 42% from the previous week with Mexico, unknown destinations, Japan and Colombia the leading buyers.
Old-crop soybeans had a net reduction of 4.8 million bushels as cancellations by China, unknown destinations, Canada and others offset sales to the Netherlands Indonesia, Taiwan and others. Even with the reduction, old-crop sales remain on track to beat USDA's crop-year export forecast. New-crop sales of 53.6 million bushels were up from a week ago with China, unknown destinations and Turkey the leading buyers.
In daily reporting, USDA on Thursday said unknown destinations bought nearly 4.8 million bushels of new-crop soybeans.
Weekly wheat export sales of 19.4 million bushels were up 68% from the previous week with Nigeria, Japan and South Korea the leading buyers.
Chicago corn and wheat markets had little reaction to the export numbers. Corn futures were about 1 cent higher, soybeans up 11 cents in September and November, while SRW wheat was down about 3 cents in morning trading.
USDA reported soymeal export sales of 56,100 metric tons for the 2014/2015 crop year, down 11% from the previous week with Venezuela and Thailand the leading buyers. New-crop sales of 93,800 were led by the Philippines and Ecuador.
Old-crop sorghum sales of 1.93 million bushels were led by China. New-crop business was a net reduction of 1.81 million bushels due to cancellations by China.