USDA exports - Corn, soybean and wheat sales decline

USDA exports - Corn, soybean and wheat sales decline

Corn sales miss forecast; soybeans and wheat match.

Export sales of corn, soybeans and wheat for the week ended Sept. 8 were down from the previous week’s hefty numbers, with only corn missing trade forecasts.

USDA’s weekly report on Thursday said 2016/2017 corn sales totaled 27.7 million bushels and were led by South Korea, Colombia and Chile. Nearly 831,000 of the 2017/2018 crop went to Mexico and Nicaragua.

The 2016/2017 soybean sales of 37.4 million bushels were led by China, unknown destinations and Mexico.  Cancellations resulted in a net reduction of nearly 240,000 bushels of 2017/2018 soybeans. Sales to Japan were offset by Costa Rica’s cancellation.

Export sales of corn, soybeans and wheat for the week ended Sept. 8 were down from the previous week’s hefty numbers, with only corn missing trade forecasts. (Photo: Stewart Sutton/Thinkstock)

The 14.8 million bushels of wheat sales were down 39% from the prior week and led by Japan, the Philippines, and Sri Lanka. The Philippines cancelled 257,180 bushels of 2017/2018 sales.

Chicago’s crop markets had little reaction to the numbers with corn futures about unchanged in nearby months when the overnight session closed shortly after the report. Soybean futures were up 4-3/4 to 5 cents in nearby months. Soft red winter wheat futures were up about 2 cents, hard red winter up 1-1/4 to 1-1/2 and spring wheat up 2-1/4 to 2-3/4.

Old-crop soymeal export sales 43,700 metric tons were down 31% from a week ago with El Salvador, Mexico and Honduras the leading buyers.  The soymeal crop year concludes at the end of September. New-crop soymeal sales of 90,200 were up from a week ago and matched trade forecasts. They were led by Mexico, Dominican Republic and Guatemala.

Sorghum sales for the 2016/2017 crop year of 3.5 million bushels went to China and unknown destinations.

USDA exports - Corn, soybean and wheat sales decline

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