USDA weekly export sales: Corn, soybean export sales improve

USDA weekly export sales: Corn, soybean export sales improve

USDA export sales report finds new-crop wheat sales down

Old-crop corn export sales of 32 million bushels were up from the previous week as were the new-crop sales of about 3.2 million bushels.

USDA's weekly export sales report on Thursday showed soybean sales at 6.1 million bushels, up 21% from the prior week and within forecasts, while new-crop sales of 2.8 million were down from the prior week and well under forecasts.

Old-crop wheat sales of 2.7 million bushels were down 36% from the prior week but with forecasts and the new-crop business of at 4.7 million fell short of forecasts. The new-crop year begins June 1.

USDA export sales report finds new-crop wheat sales down. (Photo by Ian Waldie/Getty Images)

Gains in Chicago soybean futures were trimmed slightly after the report, with July going from about 3 cents higher to 1 cent higher at the end of the overnight session. Corn futures barely moved after the export numbers, with July and September up 1-3/4 and 1-1/4, respectively. SRW wheat's July and Kansas City's HRW July both stayed about 3 cents higher.

Related: See the most recent daily export sales data reported by USDA

The old-crop corn sales were up from the prior week with Japan, Colombia, and South Korea the leading buyers. The new-crop business of nearly 3.2 million bushels was at low-end of forecasts with China and Mexico the leading buyers.

The old-crop soybean sales were led by the Netherlands, Japan and South Korea.  New-crop business of 2.85 million bushels was led by unknown destinations and Mexico.

USDA weekly export sales data table on page 2 >>

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USDA reported soymeal export sales of 103,000 metric tons for the 2014/2015 crop, up from the previous week but within forecasts. Morocco, Mexico and Israel were the top buyers. New-crop business was a net reduction of 2,000 metric tons due to cancellations by Morocco.

Old-crop wheat sales were down from a week ago, but with the crop year ending May 31 attention has shifted to new crop.  Peru, Japan, and Singapore were the leading buyers. The new-crop business of 4.71 million bushels  missed forecasts. Unknown destinations and Thailand were the leading buyers.

Sorghum sales of nearly 4.0 million bushels for 2014/2015 were led by China. The 10.7 million in 2015/2016 business went to China and unknown destinations.

USDA weekly export sales: Corn, soybean export sales improve

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