USDA weekly export sales: Corn, soybean sales increase

USDA weekly export sales: Corn, soybean sales increase

Old-crop wheat sales carried over to new-crop, USDA export sales report shows

Weekly corn and soybean export sales were up from the previous week with the old- and new-crop soybean sales better than expected.

USDA's weekly export sales report also said that sales of nearly 2.1 million bushels 2014/2015 wheat were carried over from the 2014/2015 crop year, which ended May 31.

Old-crop corn sales of 19.5 million bushels were up 7% from a week earlier and within the trade forecasts collected by Reuters. South Korea, Japan and Peru were the leading buyers. New-crop business of 4.55 million also matched forecasts with Mexico and unknown destinations the top markets.

Luke Vanderwerf, site manager at Grain Corp's Moree receiving depot, stands on a huge pile of Australian wheat. (Photo by Ian Waldie/Getty Images)

Old-crop soybean sales of nearly 6.0 million bushels were up 26% from the week before and beat forecasts, with Mexico, Bangladesh and Switzerland the leading buyers. New-crop business of about 14.3 million was better than expected with unknown destinations, Mexico and Panama the leading buyers.

In wheat, current-year sales totaled 13.8 million bushels and were led by Nigeria, unknown destinations, and China.

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Chicago grain and soybean futures barely moved after the export report. At the end of the overnight session, July corn was down 1-3/4 cents a bushel, July soybeans were off 4 cents. In wheat, Chicago's July SRW wheat was down 5-1/2, Kansas City's HRW for July was off 4 and Minneapolis spring wheat for July was off 1-3/4.

 USDA reported soymeal export sales of 129,700 metric tons for the 2014/2015 crop year, up from the previous week and beat forecasts by a small margin. Morocco, Venezuela, and Egypt were the top buyers. New-crop sales totaled 49,900 tons and were led by Mexico and Panama.

Sorghum business was a net reduction of 19,685 bushels.

USDA weekly export sales: Corn, soybean sales increase

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