Update: See the May 14, 2015, USDA weekly export sales report.
Old-crop corn export sales were better than expected and up slightly from the previous week, while wheat buyers for the second straight week switched a large amount of old-crop sales to new-crop supplies producing a net cancellation for the 2014-2015 crop, the USDA export sales report said on Thursday.
Corn export sales of 33.1 million bushels for old-crop were up 1% from the prior week with Taiwan, Mexico, and Japan the leading buyers. New-crop business of nearly 2.2 million bushels matched forecasts, with Japan, unknown destinations and the Leeward Islands the buyers.
"The corn sales were good and shipments are picking up too after a slow start," said Bryce Knorr, Farm Futures senior grain analyst.
Old-crop soybean sales of nearly 12.5 million bushels were down 22% from the prior week but within forecasts with unknown destinations, Mexico and Indonesia the leading buyers. New-crop business of 12.9 million bushels was up considerable from last week's net cancellations. Unknown destinations and Japan were buyers, while China cancelled nearly 3.7 million.
"Soybean business also remains very good for this late in the season. Total soybeans sales and shipments to date of 1.816 billion bushels is 26 million above USDA's forecast for the entire marketing year, which still has four more months to run."
Old-crop wheat had a net reduction of about 5.4 million bushels due to more switches to the new-crop year, which starts June 1. New-crop business of 16.4 million bushels matched forecasts and was led by unknown destinations, Brazil, and China.
Related: See the most recent daily export sales data reported by USDA
Knorr said wheat cancellations are common near the end of the marketing year.
"Most of the business was rolled to new crop, which remains at the lowest level in five years," he said. "Old crop shipments need to pick up in the last month of the marketing year, but the year to date total is actually running a little above the usual rate when figured as a percentage of total projected exports. Typically, a lot of wheat gets shipped in May."
USDA weekly export sales data table on page 2 >>
Chicago grain and soybean futures had some minor moves after the report in the final minutes of the overnight session. Corn futures stayed lower with July down 2-1/2 cents, July soybeans slipped after the report to traded 1-1/2 cents lower, while July soft red winter wheat dropped about 2 cents to trade ¾ cent lower.
USDA reported soymeal export sales of 136,800 metric tons for the 2014/2015 crop, up 2% from the previous week and matched forecasts, with Mexico, the Dominican Republic and Peru the top buyers. Net sales of 31,300 metric tons of 2015/2016 supplies went to Peru and the Dominican Republic.
Sorghum had a net reduction of 67,000 metric tons in 2014/2015 business as sales to China and Japan were offset by cancellations by unknown destinations. Sales of 4.4 million in 2015/2016 business went to unknown destinations and China.