Weekly export sales of soybeans and wheat were up from the previous week, with soybeans topping trade forecasts, while corn sales were down and missed forecasts, USDA said on Thursday.
The sales of all three 2015/2016 crops topped the paces needed to meet USDA’s annual forecasts.
The soybean sales of 24.5 million bushels were an improvement from the previous week’s net reduction, with China the largest buyer, followed by Indonesia, Taiwan and others. For the 2016/2017 market year, soybeans had a net reduction of 2.4 million bushels due to cancellations by Japan.
Wheat sales of nearly 9.7 million bushels were led by Mexico, Indonesia and Japan. Also, there were1.3 million in sales of the 2016/2017 crop, led by Thailand, the Dominican Republic and El Salvador.
Corn sales of 15.9 million bushels were down 64% from the previous week and missed trade forecasts in a Reuters’ poll. Japan, Colombia and Taiwan were the top markets. The 2016/2017 crop had a net reduction of 2.3 million bushels due to cancellations by Japan.
Also, on Thursday, USDA reported a daily sale of 6 million bushels of 2015/2016 corn to unknown destinations. That business will likely be included in next week’s weekly report.
U.S. crop markets had little reaction to the export numbers. At the close of the overnight session Chicago soybean futures for March were up ¾ cent and May was up a penny. Corn futures for March were down ¾ cent and May was down ½ cent.
Soft red winter wheat futures were up ¾ in March and up 1-1/2 in May. Kansas City’s March and May hard red winter were each up 3. Spring wheat for March and May each closed up 1-1/4 cents.
Soymeal export sales of 189,400 metric tons were up 2% from the prior week with the Philippines, Colombia and Panama the leading buyers. Net sales of 2016/2017 soymeal were flat as sales to Canada were offset by cancellations to the OPAC Islands.
Sorghum sales of 7.4 million bushels were led by China and Mexico.