USDA weekly export sales: New-crop soybeans see jump in export business

USDA weekly export sales: New-crop soybeans see jump in export business

Corn sales increase in USDA export sales report

Weekly corn and soybean export sales rose in the latest week with the old-crop corn and new -crop soybean sales better than expected.

USDA's weekly export sales report had weekly wheat sales at 11.6 million bushels, which was within trade forecasts.

Old-crop corn sales of 24.7 million bushels were up 27% from a week earlier and topped forecasts collected by Reuters. Japan, Mexico and South Korea were the leading buyers. New-crop business of 7.9 million topped forecasts by a small margin with unknown destinations and Mexico the top markets.

Corn sales increase in USDA export sales report (Thinkstock/Ziviani)

Old-crop soybean sales of nearly 4.9 million bushels were down 19% from the week before and matched forecasts, with Japan and Indonesia the leading buyers. New-crop business of about 19.6 million was up from a week ago and better than expected with unknown destinations and China the leading buyers.

In wheat, the 11.6 million bushels in sales were led by Japan and Mexico.

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

USDA reported soymeal export sales of 96,100 metric tons for the 2014/2015 crop year, down 26% from the previous week. Mexico and Panama were the top buyers. New-crop sales totaled 80,200 tons and were led by the Philippines and Mexico.

Sorghum sales totaled nearly 2.4 million bushels and were led by China and Japan.

USDA weekly export sales: New-crop soybeans see jump in export business

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