Export sales of new-crop corn and soybeans were down in the latest week, and the corn business missed trade forecasts as did the wheat sales.
The attention in corn and soybeans is on new-crop business as the current crop year ended on Wednesday. Most of the old-crop corn and soybean sales reported in USDA’s weekly sales report on Thursday were switches from unknown destinations to specific countries.
In daily reporting, USDA said 5.1 million bushels of corn was sold to Mexico and 5.4 million of soybeans went to unknown destinations. The Mexico deal included 3.9 million bushels of the 2016 harvest and 1.2 million of the 2017 one. Those sales will be included in future weekly reports.
In the export report for the week ended Aug 25, old-crop corn sales of 8.4 million bushels were led by Japan, Colombia and Algeria. Most of that business involved the switches from unknown destinations. New-crop sales of 25.5 million bushels were down from a week ago and under trade forecasts with unknown destinations, Mexico and Canada the top buyers.
The 2.8 million in old-crop business was enough to keep corn sales above the pace needed to meet USDA’s annual forecast. However the shipments of 57.7 million bushel were short of the amount needed to meet that forecast.
Old-crop soybean sales of 4.0 million were led by China, Germany and Indonesia. Most of the China and Indonesia business was switched from unknown destinations. Total old-crop soybean sales have surpassed the annual amount forecast by USDA and total shipments are close to that forecast, with one week left in the crop year.
New-crop soybean sales of 54.3 million bushels were down from the previous week and led by China, unknown destinations and Pakistan.
The 10.3 million bushels of wheat sales were led by Brazil, Philippines and South Korea.
Chicago’s crop markets had little reaction to the numbers with corn futures 2-1/2 to 3 cents higher when the overnight session closed shortly after the report. Soybeans futures were about 3 cents higher in nearby months. Soft red winter wheat futures were 4-1/4 to 5, hard red winter was up 5-1/2 and spring wheat was up 4 cents.
Old-crop soymeal export sales totaled 12,100 metric tons with Guatemala, Dominican Republic and Venezuela the leading buyers. The soymeal crop year concludes at the end of September. New-crop soymeal sales of 69,900 were down from a week ago but matched forecasts with Ecuador, Canada and unknown destinations the leading markets.
Old-crop sorghum sales were 374,015 bushels and were led by China, Indonesia and South Korea. New-crop sales of 2.7 million bushels were led by unknown destinations and Japan.
USDA exports- Aug. 25, 2016 - New-crop corn, soybean sales have big week
USDA exports - Aug. 18, 2016 - New-crop corn sales inch up, soybeans slide