Old-crop corn export sales were down sharply from the previous week and set a marketing-year low, while new-crop sales of about 102,000 bushels were even lower.
USDA's weekly export sales report on Thursday showed soybean sales down 60% from the prior week, but within forecasts, while new-crop sales of 3.2 million bushels were down from the prior week and well under forecasts.
Old-crop wheat sales of 4.2 million bushels were the lone bright spot in Thursday's report, topping forecasts, while new-crop business at 5.2 million fell short of forecasts. The new-crop year begins June 1.
Chicago soybean futures dropped after the report, with July going from about 4 cents higher to ½ cent lower at the end of the overnight session. New-crop November went from about 4 cents higher to ¾ cent higher. Corn futures trimmed gains by about a penny after the exports with July ending the overnight 3-1/4 higher, and gains in SRW wheat's July slipped about a penny to finish 8-1/2 cents higher.
Corn export sales of 14.6 million bushels for old-crop were down 56% from the prior week with Japan, Saudi Arabia, and Mexico. Cancellations were noted by unknown destinations, Iran and South Korea. New-crop business of 102,362 bushels was at low-end of forecasts with Jamaica the leading buyer.
Related: See the most recent daily export sales data reported by USDA
Old-crop soybean sales of just over 5 million bushels matched forecasts with Mexico, the Netherlands and unknown destinations the leading buyers. Also, China cancelled nearly 184,000 bushels. New-crop business of 3.23 million bushels missed forecasts and was led by unknown destinations and Thailand.
USDA weekly export sales data table on page 2 >>
Old-crop wheat sales of 4.24 million bushels compared with the previous week's net reduction. Nigeria, Japan and Panama were leading buyers. New-crop business of 5.22 million bushels was down from the previous week and missed forecasts. Thailand and unknown destinations led buyers.
USDA reported soymeal export sales of 45,200 metric tons for the 2014/2015 crop, down 67% from the previous week and missed forecasts, with Colombia, Mexico and Guatemala the top buyers. Net sales of 22,000 metric tons of 2015/2016 supplies were led by Morocco and the Dominican Republic.
Sorghum sales of nearly 1.6 million bushels were led by China. Sales of 4.25 million in 2015/2016 business went to China and unknown destinations.