Weekly corn and soybean export sales declined in the latest week but the numbers were more than what is needed on a weekly basis to meet USDA's projections for the marketing year.
The USDA weekly export sales report had weekly wheat sales at 16 million bushels, also more than what is needed to meet USDA projections.
Old-crop corn sales of 19.6 million bushels were down 21% from a week earlier and missed trade forecasts in a Reuters survey by a small margin. Japan, South Korea and Colombia led buyers. New-crop business of 11.7 million topped forecasts with Mexico, unknown destinations and Taiwan the top markets.
Old-crop soybean sales of nearly 4.4 million bushels were down 11% from the week before and matched forecasts, with Mexico, unknown destinations and Japan the leading buyers. New-crop business of about 7.4 million was down from a week ago and missed forecasts with unknown destinations, Mexico, and Japan the top markets.
In wheat, the 16 million bushels in sales were led by Taiwan, Mexico and Japan. New-crop sales of nearly 48,000 bushels were led by Italy.
Chicago corn and soybean futures rose about 2 cents a bushel after the export report going into the close of the overnight session. July corn was up 2-1/2 cents a bushel, July soybeans up 8-1/4 cents. In wheat, Chicago's July SRW wheat was up 2-1/4, Kansas City's HRW for July was up 2 and Minneapolis spring wheat for July was off 1-3/4.
USDA reported soymeal export sales of 106,300 metric tons for the 2014/2015 crop year, up 11% from the previous week. Colombia, Venezuela and Canada led buyers. New-crop sales totaled 210,500 tons and were led by the Mexico and Spain.
Sorghum sales totaled nearly 4,000 bushels and went to Canada.