Export sales of new-crop U.S. corn and soybean increased in the latest week, but both crops had a drop in old-crop business, USDA said in its weekly report on Thursday.
The report showed 2.3 million bushels of old-crop soybeans and 39.8 million of new crop were sold, with China the leading buyer of both. Old-crop sales matched trade estimates while the new-crop business topped estimates by a small margin.
Cancelations by several countries resulted in a net reduction of 4.6 million bushels in old-crop corn business. New-crop sales of about 31 million were up from the previous week and beat trade estimates with Colombia and unknown destinations the leading buyers.
Wheat sales of 12.4 million missed trade forecasts and were down from the previous week. Unknown destinations and Brazil led buyers.
“Wheat sales were disappointing, with even our regular customers continuing to buy hand-to-mouth,” said Bryce Knorr, Farm Futures senior grain analyst. “Cancelations out of Asia suggest Black Sea wheat may be making inroads there too, after maintaining its stranglehold of the wheat business from North Africa into the Middle East.”
Chicago corn, soybean and wheat futures had little reaction to the report in early electronic trading, with corn showing small losses, soybeans small gains, and Chicago SRW wheat up slightly. Kansas City HRW wheat and Minneapolis spring wheat were slightly lower.
Current-year corn sales have matched USDA’s forecast, while soybean sales are 3% more.
Soymeal sales had a net reduction of 31,700 metric tons for old-crop, with cancellations by Ireland, unknown destinations and Guatemala exceeding sales to Spain, Canada and others. New-crop sales of 151,800 metric tons were down from the previous week and went to Mexico, Philippines and others.
The export report can be found at: http://apps.fas.usda.gov/export-sales/highlite.htm