Export sales of old-crop corn and soybeans were up in the latest USDA’s weekly report , with the corn sales of 48.3 million bushels topping trade forecasts , while the soybean sales of 22.9 million bushels were near the high end of forecasts.
Wheat sales of 7.8 million for old-crop were down 36% from the prior week and missed forecasts in a Reuters poll, while the new-crop sales of nearly 5.9 million were up from a week ago and topped forecasts.
The corn and soybean sales exceeded the paces needed to meet USDA’s annual forecasts, while wheat missed its 8.0 million bushel target.
The old-crop corn sales of 48.3 million bushels were up 5% from the previous week and up 17% from the four-week average with Japan, Mexico and unknown destinations the top buyers. The new-crop sales of 2.4 million were led by Mexico and Honduras.
Old-crop soybean sales of 22.9 million were up 51% from the previous week and up 55% from the four-week average, with Mexico, China and unknown destinations the leading buyers. For the 2016/2017 market year, sales of 8.6 million bushels went to China, unknown destinations and Japan.
In wheat, the old-crop wheat sales were led by China, the Philippines, and Indonesia, while the new-crop business was led by unknown destinations, the Philippines and Mexico.
Corn futures increased about a penny after the export numbers, while soybean and wheat futures had little reaction. At the close of the overnight session, May corn futures were up 2-1/4 cents, May soybeans up 6, May soft red winter wheat up 3-1/2 and May hard red winter wheat up 4.
In the export report, soymeal sales of 83,400 metric tons were up 79% from the prior week and but down 28% from the four-week average. The numbers matched trade forecasts in a Reuters’ poll. The Philippines, Mexico and the Dominican Republic led buyers. Net sales of 100 tons of 2016/2017 soymeal went to Canada.
Sorghum sales of 370,078 bushels were down considerably from the prior week and went to China, Japan, Mexico and Indonesia.