Export sales of corn were up 38% in the latest week to top trade forecasts, while soybeans had a net reduction of 1.6 million bushels due to cancellations by unknown destinations, China and Tunisia, the USDA export report showed on Thursday.
Wheat sales of 2.4 million bushels also missed forecasts and were a marketing-year low, plus were under what was needed to meet USDA’s annual export forecast.
The corn sales of nearly 44.5 million bushels were led by Mexico, Colombia and Japan, plus there were sales of about 567,000 bushels of 2016/2017 corn that went to Japan and Mexico. The 44.5 million easily surpassed the weekly pace needed to meet USDA’s annual forecast.
U.S. soybean futures in Chicago dropped about three cents after the export report and closed the overnight session up 1 in March and up 1/2 in May. Corn futures barely moved after the report with March corn up 2-1/4 cents and May up 2-1/4.
Wheat futures dropped about a penny and March soft red winter closed the overnight up 1 and May finished up ¼. Kansas City’s hard red winter for March closed up ¾ cent and May up1/4. Spring wheat for March closed up 2 cents and May up 1-3/4.
While cancellations of soybeans had been expected after USDA in daily reporting last week reported China exited a deal for 14.5 million bushels, Thursday’s weekly report had unknown destinations cancelling 13.8 million and China cancelling 2 million. Tunisia also cancelled 99,200. Top buyers in the weekly report were Spain, the Netherlands and Japan.
Soybeans also had net sales of 2.4 million bushels of the 2016/2017 crop that went to unknown destinations and Japan.
Cancellations of soybean sales are common now as buyers shift demand to South America, which will be harvesting soybeans for the next few months.
The net wheat sales of 2.4 million were down 78% from a week ago and led by Yemen, unknown destinations and Mexico. Cancellations were by the Dominican Republic, Nigeria, Honduras, and the Philippines. About 3.23 million bushels of 2016/2017 wheat went to the Philippines, Dominican Republic and Mexico.
Soymeal export sales of 186,300 metric tons were down 7% from the prior week with Mexico, the Philippines and Jamaica the leading buyers. Net sales of 1,200 tons of 2016/2017 soymeal went to Mexico.
Sorghum sales of nearly 7.4 million bushels were led by China, unknown destinations and Mexico.