Soybean export sales tumbled 69% this past week to a marketing-year low of 24.1 million bushels, which missed trade forecasts in a Reuters poll by a large margin, with China taking the majority of that business, the USDA weekly export report said Thursday.
Much of the soybean sales involved switches from unknown destinations to specific countries. USDA reported 32.1 million bushels in cancellations by unknown destinations, but those bushels were added as sales to China, Japan, Spain and Russia.
Corn sales of 21.9 million bushels were down 22% from a week ago but within trade forecasts while wheat sales of 3.1 million missed forecasts by a large margin. There was a small sale of 744,093 bushels of 2016/2017 corn to Panama and 800,000 of 2016/2017 wheat to Colombia and Mexico.
After the export report, Chicago soybean and wheat futures added about penny to earlier losses, while corn did not change. In soybean futures, volume-leader January closed the overnight session down 5 cents $8.79 per bushel. December corn futures closed down 2-1/4 at $3.78-1/4 and December soft red winter wheat closed down 3-3/4 cents at $5.22-1/2.
Soymeal export sales of 246,200 metric tons were up 13% from the prior week and led by the Philippines, Cuba and Mexico. There were 10,100 in 2016/2017 sales, which went to Panama and Nicaragua.
Sorghum sales came in at nearly 6.0 million bushels, up 6% from the prior week, with China, unknown destinations and Mexico the leading buyers.