Soybean export sales at 76 million bushels more than double the previous week’s business, with most of that amount going to China, USDA said on Thursday.
Corn and wheat sales also topped the previous week’s business with corn at 31.6 million bushels and wheat at 13.6 million. The soybean sales topped trade forecasts by a large margin, while the corn sales also were better than expected. Wheat sales matched forecasts in a Reuters poll.
The soybean sales were led by China, which bought 55.5 million bushels. Lesser amounts went to Japan, Germany and others.
In daily reporting on Thursday, USDA reported a sale of nearly 3.7 million bushels of 2016/2017 soybeans to unknown destinations. That business should be in next week’s weekly report.
The corn sales of 31.6 million bushels were up 39% from the previous week with Mexico, Colombia and Saudi Arabia the leading destinations. Export shipments of about 3.24 million bushels were a marketing year high.
The weekly wheat sales were up 16% from the prior week with Japan, Mexico and Nigeria the top buyers.
U.S. crop futures showed little reaction to the export numbers going into the overnight’s close. Soybean futures in Chicago closed the overnight up 2-1/4 cents in both the January and March contracts. In corn, March was down ½ cent and May unchanged, while March soft red winter wheat was up ½ cent and March hard red winter was unchanged. March spring wheat was down ½ cent.
Soymeal export sales of 252,500 metric tons were more than double the previous week’s business with Vietnam, Mexico and Colombia the leading buyers.
Sorghum sales of 12.9 million bushels were almost double the previous week’s business with China taking the most.