Export sales of new-crop U.S. soybeans were down from the previous week but topped trade expectations, with China the top buyer, while cancellations by China and others resulted in a net reduction in old-crop business, USDA's weekly export report showed on Thursday.
Old-crop soybean sales had a net reduction of 2.3 million bushels, while new-crop business was a net gain of 47.4 million. Despite the old-crop reduction, 2013/2014 sales still exceed USDA's forecast for the crop year.
Old-crop corn had a net reduction of 1.3 million bushels, which was within expectations, with Japan and Colombia top buyers, while unknown destinations, South Korea and others cancelled purchases. New-crop sales of 27.4 million bushels also matched expectations and were led by Colombia and South Korea.
Wheat sales of 14.8 million bushels were up from a week earlier, but within expectations, and were led by Brazil and Nigeria.
Chicago futures had little reaction to the exports, with the corn, soybean and wheat futures all holding modest gains after the report.
Soymeal sales for 2013/2014 had a net gain of 1,100 metric tons with Canada and Venezuela the leading buyers. New-crop sales of 76,100 metric tons missed forecasts, and were led by unknown destinations and Canada.
The export report can be found on USDA's website.