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WEEKLY EXPORT REPORT: Corn, soybean sales decrease

Wheat has strong week with sales to China and Mexico.

Weekly corn and soybean export sales were down from the prior week, as expected, while wheat sales were up from a week ago and topped trade forecasts.

China was again the leading buyer of soybeans, while Mexico led corn buyers and China led in the wheat, the U.S. Department of Agriculture said in its weekly report.

The report put weekly corn sales at 37.7 million bu., down 23% from the previous week but matching trade forecasts in a Reuters poll. In addition to Mexico, Japan and Peru were leading buyers. Sales of 1.8 million bu. of 2017-18 corn were led by Mexico, Peru and Honduras.

Soybean sales of 35.8 million bu. for 2016-17 supplies were down 46% from the prior week. After China, the leading buyers included Spain, the Netherlands and Japan. About 187,000 bu. of 2017-18 soybeans went to Japan.

Wheat sales of 20.9 million bu. were up 91% from the prior week. After China, the top buyers were Mexico South Korea and Japan. Nearly 530,000 bu. of 2017-18 wheat went to Mexico.

Chicago, Ill., corn, soybean and wheat markets had little reaction to the export report in the closing minutes of the overnight session. Corn futures closed the session down a quarter-cent in March and down a half-cent in May. January soybeans were down 2.75 cents/bu., and March was down 3.5 cents. March soft red winter wheat futures closed 1.25 cents/bu. higher, March hard red winter wheat was down 1 cent and March spring wheat was down 2.25 cents.

Soybean meal export sales of 251,900 metric tons were up 81% from the prior week and beat trade forecasts. Mexico, Vietnam and the Philippines led buyers. Also, 44,500 mt of 2017-18 soybean meal went to Mexico and Nicaragua.

Soybean oil sales of 18,900 mt were up 26% from the prior week and matched trade forecasts. The business was led by South Korea, Mexico and Costa Rica.

Sorghum sales of nearly 1.13 million bu. were down sharply from the previous week. China, Mexico and Indonesia led buyers.

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