Export sales of old- and new-crop corn increased in the latest week, but year-to-date new-crop sales of 222.6 million bushels are an eight-year low for this date, while year-to-date new-crop soybean sales of 384.3 million are a six-year low.
USDA's weekly report on Thursday did show higher new-crop soybeans sales from a week ago, while wheat sales were down about 25%. The new-crop years for corn and soybeans start September 1.
Old-crop corn sales of 11.1 million bushels went to Japan, Mexico, Peru and others. New-crop sales of nearly 22.7 million were led by unknown destinations, Mexico and Japan. Old-crop corn sales are at 101% of USDA's forecast, while shipments are at 92% of USDA's forecast.
"New crop corn sales slipped to an eight-year low ahead of the start to the 2015 marketing year Sept. 1, as end users are really holding back on purchases," said Bryce Knorr, senior grain market analyst at Farm Futures. "Their lack of urgency is caused by adequate supplies of corn and other feed grains around the world, as well as uncertainty on global markets. Deflation in commodities, especially crude oil, has buyers believing they don't need to be in a hurry."
In daily reporting, USDA on Thursday said Mexico bought 7.6 million bushels of new-crop corn.
Old-crop soybean sales of 1.7 million were down 52% from the previous week but sales typically slow this late in the crop year. The Netherlands, Thailand and Mexico led buyers. Old-crop sales remain on track to surpass by a few percentage points USDA's targeted amount, while shipments are currently at 99% of that target.
New-crop soybean sales of 28.8 million bushels were up from a week ago but about as expected, with China and unknown destinations the leading buyers.
Weekly wheat export sales of nearly 11.6 million bushels were down about 25% from the previous week with Japan, Yemen and Nigeria the leading buyers. Wheat sales and shipments in the nine-week old crop year are down about 10% from a year ago.
Chicago corn and wheat markets had little reaction to the export numbers. Corn futures were 3 cents higher, soybeans up 1-1/4 cents in September and down ¼ in November, while SRW wheat was up about 4 cents as the overnight markets closed shortly after the export numbers were released.
USDA reported soymeal export sales of 62,800 metric tons for the 2014/2015 crop year, up 10% from the previous week with Venezuela and Morocco leading buyers. New-crop sales of 170,000 were led by the Philippines and unknown destinations.
There were no net old-crop sorghum sales as cancellations offset new sales. New-crop sales of 2.17 million bushels went to China.