USDA export sales: Strong week for new-crop soybean sales

USDA export sales: Strong week for new-crop soybean sales

New-crop corn sales slip after big week, USDA shows in latest export sales report

Export sales of new-crop soybeans had another big week with 56.3 million bushels in business, up 5% from the previous week, while new-crop corn sales of 12.9 million were about a third of the previous week's, USDA's weekly export report said on Thursday.

Old-crop soybeans had a net reduction of 2.2 million bushels as a number of buyers cancelled deals, with the new-crop year now under way. Even with the reduction, old-crop sales remain on track to top USDA's crop-year export forecast.  The new-crop soybean sales were led by unknown destinations, China and Mexico.

New-crop corn sales slip after big week, USDA shows in latest export sales report (Thinkstock/DoranJClark)

In daily reporting on Thursday, USDA said China bought 4.04 million bushels of 2015/2016 soybeans and unknown destinations bought 28.4 million.

Old-crop corn export sales were 4.4 million bushels in the latest week, an improvement from the net reduction the week before. Japan, South Korea and Egypt led buyers. Old-crop corn export sales remain on track to beat USDA's crop-year estimate.

The new-crop corn sales went to unknown destinations, Panama and Canada.

Weekly wheat export sales of 10.2 million bushels were down 47% from the previous week with Mexico. Italy, and the Philippines the leading buyers.

Chicago corn and wheat markets had little reaction to the export numbers. In corn futures, December closed the overnight session down 3-1/4 cents. November soybeans were down ¾ cent, while December soft red winter wheat was down about 4-1/4 cents.

Old-crop soymeal exports were a net of 13,900 metric tons as Venezuela, unknown, and the Dominican Republic cancelled deals. New-crop sales of 218,400 were led by the Philippines, unknown destinations and Ecuador.

Old-crop sorghum had a net reduction of nearly 194,500 bushels as China cancelled deals. New-crop business was 2.2 million bushels led by unknown destinations and Mexico.

USDA export sales: Strong week for new-crop soybean sales

TAGS: USDA Wheat
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