Export sales of corn, soybeans and wheat matched trade forecasts, with the new-crop corn business up a little from the prior week, while new-crop soybeans were down from the previous week’s huge number.
Many of the soybean sales had been expected as they were announced in the past week via USDA’s daily reporting systems for big purchases.
Weekly wheat sales of 18 million bushels in USDA’s weekly export report were down 19% from the prior week but also matched trader forecasts in a Reuters survey.
Also on Thursday, USDA announced a daily sale of 4.0 million bushels of new-crop corn to unknown destinations. That sale will be added to a future weekly report.
In the export report for the week ended Aug 11, old-crop corn sales of 6.6 million bushels were down 72% from the prior week and a marketing-year low. Japan, South Korea and Peru were the top buyers. Old-crop sales are winding down with only three weeks left in the market year.
The 6.6 million sale was enough to keep corn sales above the pace needed to meet USDA’s annual forecast. However the shipments of 45.9 million bushels were short of the amount needed to meet that forecast.
New-crop corn business of 41.1 million bushels was up slightly from a week ago and led by Mexico, unknown destinations and Japan.
Old-crop soybean sales of 6.5 million were down 26% from the prior week but matched forecasts and were led by China, the Netherlands and Germany. Total old-crop soybean sales have surpassed the annual amount forecast by USDA, but shipments of 31.8 million were short of what was needed to meet that forecast.
New-crop soybean sales of 58.7 million bushels were down sharply from the previous week’s big number but matched forecasts and were led by unknown destinations, China and Taiwan.
Wheat sales came in at 18 million bushels, down 19%% from the prior week with Brazil, Taiwan and Mexico the leading buyers.
Chicago’s crop markets had little reaction to the numbers with corn futures near unchanged when the overnight session closed and soybeans remained 8 to 9-3/4 cents lower in nearby months. Winter wheat markets were 1 to 2 cents lower and spring wheat a little higher.
Old-crop soymeal export sales were better than expected at 121,400 metric tons and up from the previous week with unknown destinations, Mexico and Ecuador the leading buyers. New-crop sales of 191,800 also beat forecasts and were up from a week ago with the Philippines, Mexico and the Dominican Republic the leading markets.
Sorghum sales of 2.39 million bushels for the 2015/2016 crop were up slightly from a week ago and went to China, unknown destinations and Japan. New-crop sales of nearly 319,000 went to unknown destinations.
USDA exports - Aug. 11, 2016 - New-crop soybean sales surge, led by China
USDA exports - Aug. 4, 2016 - New-crop corn, soybean sales increase