Export sales of new-crop U.S. corn, soybeans and wheat were down from the previous week and missed trade expectations, with China cancelling old-crop soybeans but buying new crop. USDA’s weekly export report showed on Friday.
Despite missing expectations, exports appeared to have little effect on Chicago grain futures where corn, soybeans and wheat held modest gains in electronic trading early on Friday
Old-crop soybean sales had a net reduction of 3.2 million bushels, while new-crop business was a net gain of 31.9 million. The old-crop year for corn and soybeans ended August 31.
Old-crop corn had a net reduction of 295,275 bushels, which was within expectations, with South Korea and Japan top buyers, while unknown destinations, Mexico and others cancelled purchases. New-crop sales of 20.7 million bushels missed expectations and were led by unknown destinations, Mexico and Colombia.
Wheat sales of 6.2 million bushels were down 58% from a week earlier and were less than expected in a Reuters survey. Sales to Mexico, the Philippines, Yemen and others were partially offset by cancellations from unknown destinations, Colombia and Malaysia.
Soymeal sales for 2013/2014 were 32,000 metric tons with Guatemala and Mexico the leading buyers. New-crop sales of 177,500 metric tons were within forecasts and led by unknown destinations and Pakistan.