China Leads Big Jump in Soybean Exports

China Leads Big Jump in Soybean Exports

Corn and wheat export sales slump in USDA weekly export report

Export sales of U.S. soybeans more than doubled last week to 79.6 million bushels to beat trade forecasts by a large margin as China loaded up with more than 62.5 million bushels, USDA said on Thursday.

Corn sales of 40.6 million bushels were down from the week before, but slightly better than trade forecasts in a Reuters' poll. Wheat sales of 11 million bushels were down 34% from the prior week and missed trade forecasts.

Chicago soybean futures ticked a few cents higher after the numbers were released while corn futures were unmoved and held near unchanged. Wheat futures remained mixed with soft red winter and spring slightly higher and hard red winter slightly lower.

Corn and wheat export sales slump

The 79.6 million bushels in soybean sales were led by China, Spain and Taiwan. However, China's 62.5 million dwarfed the other individual purchases. In addition, about 121,200 bushels of 2015/2016 soybeans went to Japan.

In daily reporting, USDA on Thursday said China bought 4.3 million bushels, which will be included in a future weekly export report.

.The corn sales of 40.6 million bushels were led by unknown destinations, Japan and Jamaica.

Soymeal sales of 23,000 metric tons were down considerably from the prior week, largely due to cancellations by unknown destinations and by Mexico. Top buyers were Panama and the Dominican Republic.

The wheat export sales were led by Japan, the Philippines, and South Korea

USDA Weekly Exports: China Leads Big Jump in Soybean Exports

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