Soybean export sales this past week of nearly 48 million bushels for the current crop were nearly double the previous week's business and beat trade forecasts with China again the top buyer, the USDA export sales report said Friday.
Corn sales of 24.4 million bushels were up 11% from a week ago and within trade forecasts in a Reuters poll while wheat sales of 8.3 million were more than double the previous week's. Top buyers of corn were unknown destinations, Mexico and Japan, while in wheat they were Philippines, Mexico and Israel.
There were sales of 2016/2017 crops including 866,140 bushels of corn that went to El Salvador and Nicaragua, nearly 838,000 of soybeans that went to Japan Korea and 367,000 of wheat that went to South Korea.
In daily reporting, USDA said nearly 4.57 million bushels of sorghum were sold to unknown destinations. That sale will be included in next week's weekly sales report.
After the export report, Chicago corn and soybean futures improved about two cents, while wheat did not change. In soybean futures, volume-leader January closed the overnight session down 3-1/4 cents at $8.59-3/4 per bushel. December corn futures closed unchanged at $3.62 and December soft red winter wheat closed up 3/4 cent at $4.98-3/4.
Soymeal export sales of 208,200 metric tons were down 15% from the prior week and led by the Mexico, Egypt and unknown destinations. There were 6,900 in 2016/2017 sales, which went to Nicaragua and Canada.
Sorghum sales came in at 4.2 million bushels, down 30% from the prior week, with China, unknown destinations and Japan the leading buyers.