Export sales increased for old-crop corn, soybeans and wheat in USDA’s latest weekly report, with the corn and soybean numbers better than expected, while wheat matched trade forecasts.
Old-crop soybean sales of 16.8 million bushels were up 8% from a week earlier and easily exceeded the pace needed to meet USDA’s annual forecast and topped forecasts in a Reuters’ survey. Mexico, Indonesia and the Netherlands were the leading buyers. New-crop sales of 389,444 bushels went to South Korea and Japan.
Old-crop corn sales of 44.7 million bushels were up 20% from a week ago with Japan, South Korea and Mexico the leading buyers. The sales exceeded the weekly pace needed to meet USDA’s annual forecast. New-crop sales of 4.4 million were up from a week ago and led by Japan, Mexico and El Salvador.
In wheat, old-crop sales of 4.58 million bushels were an improvement from the previous week’s net reduction, however the sales were short of the weekly pace needed for USDA’s forecast. This week the Philippines, Mexico and Brazil were leading buyers. The wheat crop year ends May 31 and buyers are shifting to new-crop business with those sales at 7.77 million bushels and led by unknown destinations, the Philippines and Thailand.
Chicago corn futures improved about a penny after the export report, but remained lower for the day, soybeans improved about 2 cents but also remained lower. Soft red winter wheat dropped about a penny after the exports were released.
At the close of the overnight session, May corn futures were down 1-1/2 cents and July down 1-1/4, May and July soybeans were both down 4-3/4. May soft red winter wheat was 3/4 cent and July was down ½. May hard red winter wheat was up 1/2 and July up 1/4.
Soymeal export sales of 196,800 metric tons were up considerably from a week ago with Mexico, Colombia and the Philippines the top buyers.
Sorghum sales of 2.24 million bushels went to Turkey and Mexico.