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

Wheat sales have solid gains.

Export sales of corn, soybeans and wheat rebounded in the latest week, with sales largely to regular customers in Asia and Latin America, according to the U.S. Department of Agriculture's latest weekly report,

Old-crop corn sales of 2.05 million bu. topped the weekly pace needed to meet USDA’s annual forecast. However, with the corn crop year ending Aug. 31, the attention is largely on new-crop sales. The old-crop sales were led by Japan, Mexico and Peru.

New-crop corn sales of 24.7 million bu. were up about 43% from the prior week and beat forecasts in a Reuters poll, with Colombia, Mexico and unknown destinations as the leading buyers.

Old-crop soybean sales of about 1.65 million bu. were down from a week ago and at a marketing year low, but like corn, old-crop sales are winding down ahead of the end of the crop year on Aug. 31. Still, the 1.65 million bu. were more than enough to meet USDA’s annual sales forecasts. The Netherlands, China and Indonesia led old-crop buyers.

New-crop soybean sales of 23.5 million bu. were up 74% from the prior week and were led by China, unknown destinations and Mexico.

Wheat sales of 17.06 million bu. were more than triple the prior week’s sales and topped trade forecasts, with Indonesia, South Korea and Algeria as the leading buyers.

Crop futures markets had little reaction to the export numbers and were mostly higher before and after the report, with attention on USDA’s monthly production and demand numbers due later Thursday morning. Chicago Board of Trade (CBOT) September soybeans closed the overnight session up 4-3/4 cents, and September corn was up 1/4 cent. CBOT September soft red winter wheat was up 1 cent, and Kansas City, Mo., hard red winter wheat for September finished the overnight session up 1-3/4 cent. Spring wheat for September closed 3-1/2 cents higher.

Soybean meal old-crop export sales 6,000 metric tons were down considerably up from the prior week but matched trade forecasts. Venezuela, Canada and Colombia led buyers. New-crop business of 136,500 tons was up considerably from a week ago and also matched forecasts, with the Philippines, Colombia and Mexico as the leading buyers.

Soybean oil sales for the 2016-17 crop year were 27,700 metric tons, up from the prior week and beating forecasts, with Canada, Jamaica and Mexico as the leading buyers.

Old-crop sorghum sales of 86,614 bu. were down substantially from a week ago and went to China. New-crop sales of 5.73 million bu. were more than double the prior week and went to unknown destinations and Japan. The current sorghum crop year ends Aug. 31.

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