USDA export sales: Soybeans tumble; corn and wheat sales down

USDA export sales: Soybeans tumble; corn and wheat sales down

Corn, soy sales down from Christmas week a year ago

USDA export sales, Jan. 7, 2016

Soybean export sales at 17.6 million bushels during the Christmas week were down sharply from the prior week, missed trade forecasts and were down about 22% when compared with Christmas week a year ago, the USDA export sales report said on Thursday.

China was again the leading soybean buyer, while Germany and Spain took sizable amounts. Also, 3.7 million bushels of 2016/2017 soybeans were sold to unknown destinations and to Japan

In daily reporting on Thursday, USDA said China bought nearly 4.4 million bushels 2015/2016 soybeans. That sale will be included in the next weekly export report.

USDA export sales: Soybeans tumble; corn and wheat sales down (Thinkstock/DavidGaylor)

Corn export sales of nearly 27.8 million bushels were down 12% from a week ago, within trade forecasts and down 21% from the year ago Christmas week. Mexico, unknown destinations and Japan were the leading buyers.

Wheat sales of nearly 13.4 million bushels were about as expected, down 2% from a week ago, and up 2.6% from a year ago. Indonesia, Italy and Mexico were the leading buyers. There was small sale of about 694,000 of 2016/2017 wheat to Panama.

U.S. soybean futures dropped about 2 cents after the export numbers were released, while soft red winter wheat rose about a penny and corn barely moved.  Soybean futures in Chicago closed the overnight down 2-1/2 cents in January and down 4 in March. In corn, March was down 1 cent and May down ¾ cent, while March soft red winter wheat was up 1-1/2 cents. March hard red winter was up 3-1/2 and March spring wheat was up 2-1/2 cents.

Soymeal export sales of 78,900 metric tons were down from a week ago and missed trade forecasts with the Dominican Republic, Mexico and Italy the top buyers. Also, 200 tons of 2016/2017 soymeal were sold to Mexico.

Sorghum sales of 5.3 million bushels were down 59% from the previous week with China taking the most.

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