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USDA exports – Corn, soybean, wheat sales slide

Corn, soybean business tops USDA weekly paces.

Export sales of corn, soybeans and wheat in USDA’s report decreased in the latest week, with corn falling short of trade forecasts while soybeans were at the low-end of forecasts for old crop and below forecasts for new crop.

Calculations show the old-crop corn and soybean numbers topped the weekly paces to meet USDA’s annual sales forecasts.

Old-crop corn sales of 29.1 million bushels were down 35% from the previous week with regular customers Japan, Mexico and Colombia the leading buyers. New-crop sales of nearly 2 million bushels were up slightly from the prior week but missed trade forecasts in a Reuters’ poll. Japan was the buyer.

Old-crop soybean sales of 14.8 million bushels were down 4% from the prior week with China, Pakistan and Egypt the top markets. Nearly all of the China business was switched from unknown destinations. There were 4.6 million in new-crop sales, down sharply from a week ago. They went to China and Japan.

Old-crop wheat sales of 15.5 million bushels were down 26% for the week and matched trade forecasts. The sales were short of the projected pace needed to meet USDA’s annual forecast. China, Nigeria and Japan were the leading buyers.

There were about 4.6 million bushels of 2017/2018 wheat sales, which were up from a week ago, with South Korea, the Philippines and Japan the leading buyers. Wheat’s 2017/2018 crop year starts June 1.

In Chicago futures’ overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was up 2-1/2 cents and July up 2. May and July soybeans were each up 9 cents.

CBOT May and July soft red winter wheat futures each closed the overnight session up ¾ cent. Kansas City’s May hard red winter wheat was up 1/4 and July up 1/2 cent. In spring wheat, May was up 3-1/2 cents and July up 3-1/4.

Soymeal export sales of 158,700 metric tons were down 31% from the previous week but matched trade forecasts. Colombia, the Philippines and Mexico led buyers. New-crop business of 79,500 metric tons was up considerably from the prior week with Mexico and Japan the buyers.

Soybean oil sales of 18,600 metric tons were down17% from a week ago to match trade forecasts with Colombia, Canada and El Salvador the leading buyers.

Sorghum sales of nearly 3 million bushels were down 42% from a week ago with China, Japan and Mexico the leading buyers.

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