Export sales of old-crop corn and wheat rose in the latest week, with the wheat numbers topping forecasts for both old- and new-crop business, USDA said in its weekly report on Thursday.
The soybean numbers sales were down considerably from the previous week with old-crop business off 74% and new-crop sales of 253,506 bushels down sharply from last week’s 15.8 million. Chicago soybean futures dropped a few cents in overnight trading after the numbers were released.
For corn, old-crop sales were 43.5 million bushels were up 44% from a week ago but matched trade forecasts in a Reuters’ poll and easily topped the pace needed to meet USDA’s annual forecast. Unknown destinations, Japan and Israel were the leading buyers. New-crop sales of 5.9 million were up from a week ago but missed trade forecasts, with unknown destinations, Mexico and Costa Rica the top buyers.
In daily reporting on Thursday, USDA said Saudi Arabia bought nearly 8.3 million bushels of 2015/2016 corn. That sale will be included in the next weekly report.
Old-crop wheat sales of 10.8 million were up 65% from a week ago, with unknown destinations, Yemen and Nigeria the leading buyers. New-crop business of 14.3 million was more than double the previous week and topped trade forecasts, with unknown destinations, Nigeria and Japan the top buyers. The old-crop sales were short of the pace needed to meet USDA’s annual forecast.
The 7.8 million bushels in old-crop soybean sales were led by Indonesia, China and Malaysia, while the new-crop business of 253,506 was led by Canada, Taiwan and Indonesia. The old-crop sales were below the pace needed to meet USDA’s annual forecast.
While Chicago soybean futures dropped a few cents after the export report, they remained higher as the overnight session closed. Corn and wheat futures had little reaction to the export numbers. At the close of the overnight session, May corn futures were up 3-1/2 cents and July was up 4-3/4, May soybeans were up 5-3/4, July up 7-1/4 and November up 8. May soft red winter wheat was up 3 and July up 4-3/4. The May grain and soybean contracts expire on Friday.
Soymeal export sales of 115,300 metric tons were down 25% from a week ago with the Philippines, Panama and Colombia the top buyers. New-crop sales of 27,800 went to unknown destinations and Canada.
Sorghum sales of 5.2 million bushels were down 27% from a week ago and were led by China, Colombia and Mexico.