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WEEKLY EXPORT REPORT: Corn, soybean sales have big week

Wheat sales drop, miss forecasts.

Corn and soybean export sales had solid gains in the U.S. Department of Agriculture's latest weekly report and topped trade forecasts, while the wheat numbers were down and below trade expectations.

Weekly corn sales of 53.8 million bu. were up sharply from the previous week, with Japan, Taiwan and Peru as the leading buyers. About 500,000 bu. of 2017-18 corn were sold to unknown destinations.

Also on Thursday, USDA reported a daily sale of nearly 5 million bu. of 2016-17 corn to unknown destinations. That business will be included in a future weekly report.

Soybean sales of 36 million bu. for the 2016-17 year were up sharply from the prior week’s small amount. China, Mexico and Indonesia were the leading buyers. Cancellations are being watched as global business will soon shift to South America, and in Friday’s report, unknown destinations cancelled 11 million bu.

Also, there was a net sale of 2.45 million bu. of 2017-18 soybeans to unknown destinations and to Japan.

Weekly wheat sales of nearly 9 million bu. for 2016-17 were down 38% from the previous week, with Mexico, Japan and Nigeria as the leading buyers. Also, 2.2 million bu. of 2017-18 wheat went to the Philippines and Honduras.

In the Chicago, Ill., futures overnight session, corn was largely unchanged, while soybeans trimmed about 2 cents off overnight losses after the export report. Wheat futures had little reaction to the numbers. At the end of the overnight session, March corn was a quarter-cent higher and May was a quarter-cent lower. March and May soybeans both were 7.25/bu. cents lower.

Chicago Board of Trade soft red winter wheat futures closed the overnight session a half-cent lower for March and 1 cent lower for May. Kansas City, Mo., March and May hard red winter wheat were each 2.5 cents/bu. lower for the session, while March spring wheat was down 2.25/bu. cents and May was down a quarter-cent.

Soybean meal export sales of 269,800 metric tons were more than double the previous week’s sales, led by unknown destinations, the Philippines and Indonesia. A sale of 48,800 mt of 2017-18 soybean meal went to unknown destinations.

Soybean oil sales of 41,500 mt were up sharply from the prior week. Colombia, the Dominican Republic and Guatemala led buyers. Also, 48,800 mt of 2017-18 soybean meal went to unknown destinations.

Sorghum sales of 2.24 million bu. were up from the previous week, led by China and Mexico.

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