Corn Exports Improve, Soybean Sales Beat Low Forecasts

Corn Exports Improve, Soybean Sales Beat Low Forecasts

Daily soybean sale to China, corn to Mexico

Export sales of old-crop U.S. corn were 13.5 million bushels, up considerably from the previous week when cancellations pared net sales, but were in line with trade estimates, with Egypt, Japan, and Portugal the leading buyers, USDA said on Thursday.

USDA reported weekly new-crop corn sales of 1.86 million, which included business to Mexico and Japan, and were within expectations.

Export sales of old-crop U.S. corn were 13.5 million bushels, up considerably from the previous week

Old-crop soybean export sales of 2.7 million bushels were up from the previous week and beat rather low trade forecasts, with Indonesia and Mexico the leading buyers. The business put current crop-year sales at 103% of USDA's forecast. New-crop sales of 11.9 million bushels were at the high-end of expectations and were led by unknown destinations and China.

Chicago grain and soybean futures showed little reaction to the export data.

Old-crop soymeal sales of 84,500 tonnes were up 13% from the previous week but within forecasts, with Canada, El Salvador and Panama the leading buyers. New-crop business of 204,500 tonnes topped forecasts and was led by sales to Thailand and the Philippines.

.Wheat sales were down sharply for old-crop supplies at 2 million bushels, which may have been expected as the new-crop year starts June 1. New-crop business of 7.2 million bushels matched trade forecasts and was led by sales to unknown destinations, Brazil, and the United Arab Emirates.

Also on Thursday, USDA's daily export service reported 120,000 tonnes of 2014/2015 soybeans to China and 104,400 tonnes of 2013/2014 corn to Mexico.

Corn Exports Improve, Soybean Sales Beat Low Forecasts

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