(Note: This updates with USDA’s change of Japan sale to corn from soybeans)
Export sales increased for old- and new-crop corn, soybeans and wheat in USDA’s latest weekly report, with the old-crop numbers largely in line with trade forecasts, while new-crop soybean and wheat numbers were a better than expected.
Old-crop soybean sales of 15 million bushels were up 7% from a week earlier and easily exceeded the pace needed to meet USDA’s annual forecast. China, Germany and Mexico were the leading buyers. New-crop sales of 12.5 million bushels were led by China, Mexico and unknown destinations.
Old-crop corn sales of 47.4 million bushels were up 6% from a week ago with Japan, Mexico and Saudi Arabia the leading buyers. The sales easily exceeded the weekly pace needed to meet USDA’s annual forecast. New-crop sales of 4.8 million were up from a week ago and led by Mexico, unknown destinations and Costa Rica.
In daily reporting on Thursday, USDA said Japan bought about 9.45 million bushels of corn, which included 7.1 million of old-crop corn and 2.36 million of new-crop. USDA initially reported the deal as a soybean sale. The corn sales will be included in next week’s weekly numbers.
In wheat, old-crop sales of 10.8 million bushels were up sharply from the previous week and topped the weekly pace needed for USDA’s forecast. This week the Japan, Indonesia and the Philippines were leading buyers. The wheat crop year ends May 31 and buyers are shifting to new-crop business with those sales at 12 million bushels and led by unknown destinations, the Japan and the Leeward Windward Islands.
Chicago corn, soybean and wheat futures slipped a few cents after the export report. At the close of the overnight session, May corn futures were up 1-3/4 cents and July was up 2, May soybeans were up 10 after being up 15 ahead of the report and July was up 9-1/2 after being up 15-1/2. May soft red winter wheat was down 2-1/2 cents and July was down 2-3/4. May hard red winter wheat was down ¼ cent and July down 3/4.
Soymeal export sales of 131,600 metric tons were down 33% from a week ago with Colombia, Bangladesh and Mexico the top buyers. New-crop sales of 6,200 tons went to Costa Rica, the Philippines and Canada.
Sorghum sales of 1.2 million bushels went to China, Mexico and Pakistan.