Export sales of old-crop corn and soybeans were up from a week ago in the latest USDA weekly export report , while wheat sales had cancellations in old-crop business as that crop year winds down and an increase in new-crop sales.
Old-crop soybean sales of 15.4 million bushels were better-than-expected and exceeded the pace needed to meet USDA’s annual forecast, with unknown destinations, Japan and Germany the leading buyers. New-crop sales of 55,100 bushels went to Japan.
Old-crop corn sales of 37.2 million bushels were up 20% from a week ago and matched trade forecasts, with Mexico, Japan and Taiwan the leading buyers. New-crop sales of 6.9 million were up from a week ago and led by Japan, Mexico and Guatemala.
In daily reporting, USDA on Thursday said Japan bought 5.73 million bushels of 2015/2016 corn. That business will be included in next week’s weekly report.
In wheat, the net reduction in old-crop sales was 2.13 million bushels as the Philippines, Indonesia and others cancelled purchases. The old-crop year concludes May 31 and it appears some of the cancellations may have involved buyers moving to next year’s supplies as the Philippines and Indonesia did buy new-crop wheat. New-crop sales totaled 5.9 million bushels.
Corn and wheat futures had little reaction to the export numbers, while soybean futures turned a little higher after the numbers were released. At the close of the overnight session, May corn futures were up 1 cent and July was up 1-1/4, May soybeans were up 1-1/4 and July was up 1. May soft red winter wheat was down 2-1/2 cents and July down 2-3/4, while and May hard red winter wheat was down 3-1/2 and July down 3-3/4.
Soymeal export sales of 23,300 metric tons were down 89% from the week ago for a marketing-year low. Guatemala, Canada and the Dominican Republic led buyers. Net sales of 29,300 tons of 2016/2017 soymeal went to Mexico.
Sorghum had a net reduction of nearly 4,000 bushels as cancellations by unknown destinations and Pakistan offset sales to China and Mexico.
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