Cancellations caused a net-reduction in old-crop soybean export sales in the latest week and new-crop soybean sales were down 32% from the prior week, USDA said on Thursday.
However, any bearishness related to USDA’s weekly export numbers may have been offset by three daily sales this week.
In daily reporting on Thursday, USDA said China bought about 4.7 million bushels of soybeans and unknown destinations bought 12 million, both of which included amounts of old crop and new crop supplies. That followed a daily soybean sale on Wednesday to China of 4.8 million bushels. These sales will be included in a future weekly report.
In Thursday’s weekly report, old-crop corn export sales of 17.3 million bushels were up 27% for the week and matched estimates in a Reuters poll with Japan, South Korea and Algeria the top buyers. New-crop corn business of 18.8 million was led by unknown destinations, Peru and Mexico.
Old-crop soybean sales were a net reduction of about 51,000 bushels as sales to China, Netherlands, Vietnam and others were offset by reductions by unknown destinations, Mexico and Hong Kong. Despite the reductions, year-to-date old-crop soybean sales still exceed USDA’s annual forecasted sales. New-crop sales of about 25 million bushels were led by unknown destinations, China and Mexico
Wheat sales came in at 18.6 million bushels, up 6% from a week ago and matched trade forecasts, with Japan, Mexico and South Korea the leading buyers.
Soybean futures trimmed a few cents from overnight gains after the weekly sales, while corn and wheat had little reaction to the exports. In early trading Thursday morning Chicago’s September corn was down 1 cent, August soybeans up 1-1/2 and September soft red winter wheat up 1/2. Kansas City’s September hard red winter wheat was down 1/4 cent and Minneapolis spring wheat for September up 2.
Soymeal export sales of 79,200 metric tons were down 47% from the previous week with Dominican Republic, Bangladesh and Colombia the leading buyers. New-crop sales of 75,100 went to Mexico, the Dominican Republic and unknown destinations.
Sorghum sales of 2.8 million bushels for 2015/2016 were up slightly from a week ago and went to China, Mexico and Indonesia.
USDA exports - July 21, 2016 - New-crop soybean sales jump, corn slips
USDA exports - July 14, 2016 - Corn sales jump, soybeans mixed
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