Corn export sales rose in the latest week for both old- and new-crop supplies and topped trade forecasts, while soybean and wheat sales in USDA’s weekly export report were less than stellar, with old-crop soybeans and current-year wheat missing forecasts.
The slippage in old-crop soybean business may not be critical as year-to-date sales already exceed USDA’s annualized forecast.
Old-crop corn sales were 26.3 million bushels and new-crop business was 27.1 million. Japan, South Korea and Peru led buyers in old-crop, while Mexico, Japan, and unknown destinations led new-crop business. Some of the Mexican business was reported last week in daily sales.
Old-crop soybean sales of 13.4 million bushels were down 43% from the prior week. China, the Netherlands and Malaysia led buyers. New-crop sales of 20.1 million bushels were down slightly from a week ago with China, unknown destinations, and Japan the leading buyers. Some of the new-crop China business was announced last week in USDA’s daily reporting.
Wheat sales came in at 11.7 million bushels, down 62% from a week ago and missed forecasts, with Mexico, unknown destinations, and Chile the leading buyers.
Crop futures had little reaction to the exports, with Chicago corn and soybean futures closing the overnight session higher as hot weather is forecast later this month for key crop areas. The overnight session closed 15 minutes after the export report and Chicago’s September corn was up 9-3/4 cents, August soybeans up 11-3/4 and September soft red winter wheat up 4. Kansas City’s September hard red winter wheat was up 4 cents and Minneapolis spring wheat for September was up 5-1/4.
Soymeal export sales of 136,100 metric tons were up 76% from the previous week with Mexico, Venezuela and Colombia the top buyers. New-crop sales of 51,000 went to Honduras, Jamaica and Nicaragua.
Sorghum sales of 1.68 million bushels for 2015/2016 went to China. Sales of 2016/2017 sorghum totaled 472,440 bushels and went to Mexico.
USDA exports - July 8, 2016 - Corn and soybeans slip in latest week
USDA exports - June 30, 2016 - Corn sales slip, soybeans up, in latest report
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