Export sales declined for corn and missed trade forecasts, while the soybean business increased to largely match forecasts.
Weekly corn sales of nearly 27.3 million bu. were down 7% from the previous week, with Mexico, Japan and South Korea as the leading buyers. New-crop sales of 811,000 bu. for the 2017-18 corn crop missed trade forecasts in a Reuters poll by a large margin and went to Japan and Mexico.
Old-crop soybean sales of 15.7 million bu. in the U.S. Department of Agriculture’s weekly export report were up 27% for the week, with China, Indonesia and Peru as the top markets. Most of China’s business involved switches from unknown destinations. No new-crop sales were reported.
Weekly wheat sales of almost 13 million bu. were down 22% from a week ago and were led by Mexico, the Philippines and Japan. Sales totaled about 3.6 million bu. for the 2017-18 wheat crop, which was down from a week ago. That business was led by unknown destinations, the Dominican Republic and Guatemala.
In the Chicago, Ill., futures overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, March corn was down 2-3/4 cents and May was down 2.25cents/bu. March soybeans were down 7.5 cents, and May was down 6.5 cents/bu.
Chicago Board of Trade March soft red winter wheat futures closed the overnight session up a quarter-cent, while the more actively traded May futures were down 3 cents to $4.54/bu. Kansas City, Mo., hard red winter wheat was unchanged for March and down 2.5 cents/bu. for May. Spring wheat was down 4.75 cents for March and down 3.25 cents/bu. for May.
Soybean meal export sales of 139,500 metric tons were down 38% from the previous week but matched trade forecasts. The Dominican Republic, Ecuador and Demark led buyers. New-crop sales totaled 1,400 mt and went to Mexico.
Soybean oil sales of 28,700 mt were more than double the previous week’s sales, with Guatemala, South Korea and Mexico as the leading buyers.
Sorghum sales of nearly 640,000 bu. were down sharply from the prior week and were led by China, South Africa and Japan.