Export sales of old-crop corn and soybeans were up sharply in USDA's latest weekly report and beat trade forecasts in a Reuters poll, plus in daily reporting USDA said China bought soybeans, the third sale this week.
Corn and soybean futures firmed after the weekly export numbers were released, but corn still closed lower. Soybeans closed the overnight session narrowly mixed after being down about 11 cents earlier in the morning. The overnight session closed before the daily China sale was announced.
Wheat sales were disappointing when compared with the trade forecasts, with current- year sales at 8.2 million. In addition, nearly 47.7 million bushels of old-crop sales were carried over. Accumulated exports for the market year ended May 31 were 714.2 million bushels, down 14% from a year ago.
Old-crop corn sales of 61.4 million bushels were up 18% from a week ago. Japan, South Korea and unknown destinations led buyers. New-crop sales of 4.74 million were led by unknown destinations, Mexico and Peru.
In daily reporting on Thursday, USDA said unknown destinations bought 4.58 million bushels of old-crop corn.
Old-crop soybean sales of 27.9 million bushels more than doubled the prior week’s business, while new-crop sales of 17.5 million were down. Old-crop buyers were led by unknown destinations, Mexico and Indonesia, while new-crop business was led by unknown destinations, China and Cuba.
New-crop wheat sales were led by unknown destinations, Mexico and South Africa.
At the close of overnight trading, Chicago’s July corn closed down 5 cents and September was down 4-1/4, July soybeans were down 1-1/4 and August up 3/4. July and September soft red winter wheat were down 7 cents. Kansas City’s July hard red winter wheat was down 7 and Minneapolis spring wheat for July down 4-1/2.
Soymeal export sales of 44,300 metric tons were down from 36% week ago with Egypt, Guatemala and Mexico the top buyers. New-crop sales of 136,700 were led by the unknown destinations and Mexico.
Sorghum sales of 4.71 million bushels were down 43% from a week ago and led by China and unknown destinations.
USDA exports - June 3, 2016 - Export report confirms some of market's hopes
USDA exports- May 26, 2016 – Corn, soybean sales slip; corn beats forecasts