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WEEKLY EXPORT REPORT: Corn, soybean sales higher in latest week

Wheat sales have down week.

Corn and soybean export sales increased in the latest week but matched trade forecasts and topped the paces needed to meet the U.S. Department of Agriculture’s annual forecasts.

Wheat sales of 13.7 million bu. were down for the week in USDA’s weekly export report, matching trade estimates but falling a little short of the rate needed to meet USDA’s annual forecast. However, the wheat year began June 1, so there will be time to make up any shortages. The wheat sales were led by Mexico, Nigeria and Taiwan.

Old-crop corn sales of 23.7 million bu. were up about 10 million from a week ago, while new-crop sales of about 531,500 bu. were down sharply from a week ago and missed forecasts. Old-crop sales were led by Mexico, Colombia and China, while the new-crop business went to Panama, the French West Indies and Nicaragua.

Old-crop soybean sales of 12.5 million bu. were about double the previous week’s and were led by the Netherlands, China and Bangladesh. New-crop sales of nearly 11.5 million bu. were up about 3 million from a week ago and led by unknown destinations, China and Pakistan.

Chicago, Ill., crop futures had little reaction to the weekly export numbers in the closing minutes of the overnight trading session.

Chicago Board of Trade (CBOT) July and August soybeans both closed that session 5 cents lower. July and September corn closed 4 cents lower. CBOT July soft red winter wheat futures closed down 2-1/4 cents and September down 2-1/2. Kansas City, Mo., July and September hard red winter wheat both finished 4 cents lower. Spring wheat for July and September closed 12-1/4 cents lower.

Soybean meal export sales of 166,800 metric tons were up 97% from the prior week but matched trade forecasts. Mexico, Ecuador and Venezuela led buyers. New-crop business of 110,400 metric tons was up considerably from a week ago, with Ecuador, Mexico and Peru as the leading buyers.

Soybean oil sales of 30,300 metric tons were up 72% from the previous week, with unknown destinations, South Korea and the Dominican Republic as the leading buyers.

Sorghum sales of nearly 2.4million bu. were up versus last week’s net reduction, with China and Mexico as the leading buyers.

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