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WEEKLY EXPORT REPORT: Corn, soybean sales slip but meet forecasts

Wheat sales increase, beating forecasts.

Weekly corn and soybean export sales for the current crop year were down from the prior week but matched trade forecasts in a Reuters poll, while wheat sales increased and beat forecasts by a small margin.

The U.S. Department of Agriculture’s weekly report  put soybean sales at 19.7 million bu., down14% for the week, with China, France and Mexico being the top markets. New-crop sales of 4.8 million bu.also were down from a week ago but matched forecasts, with unknown destinations and Japan as the leading buyers. The old-crop sales topped the weekly pace needed to meet USDA’s annual forecast.

Unknown destinations cancelled about 8.9 million bu. of old-crop soybeans, while Pakistan, Taiwan, Cuba and Italy cancelled smaller amounts. Cancellations are being watched due to the idea that some countries may switch business to Brazil, which is harvesting now.

Also on Thursday, USDA announced a daily sale of 3.93 million bu. of 2016-17 soybeans to unknown destinations. That business will be included in a future weekly report.

Weekly corn sales of 38.3 million bu. were down 15% from the previous week and were led by Japan, unknown destinations and Mexico.  About 1.36 million bu. of 2017-18 corn went to unknown destinations. The old-crop sales topped the weekly pace needed to match USDA’s annual forecast.

Weekly wheat sales of 19.4 million bu. for 2016-17 were up 17% from a week ago, with Japan, Mexico and the Philippines as the leading buyers. The sales were short of the weekly pace to meet USDA’s annual number. Also, nearly 600,000 bu. of 2017-18 wheat went to Panama.

In the Chicago, Ill., futures overnight session, corn, soybean and wheat futures had little reaction to the export numbers. At the end of that session, March and May corn were both unchanged, March soybeans were down 3.25 cents and May was down 3.5 cents/bu.

Chicago Board of Trade soft red winter wheat futures closed the overnight session 2.5 cents/bu. lower for March and 1.75 cents lower for May. Kansas City, Mo., hard red winter wheat was 2.5 cents lower for March and 2.75 cents lower for May. Spring wheat was 1.75 cents higher for March and 1 cent higher for May.

Soybean meal export sales of 347,700 metric tons were down 5% from the previous week but beat trade forecasts by a small margin. Mexico, the Philippines and Ecuador led buyers. Sales of 1,000 mt of 2017-18 soybean meal went to Peru.

Soybean oil sales of 35,300 mt were nearly triple the prior week’s number, with Venezuela, the Dominican Republic and South Korea as the leading buyers.

Sorghum sales of 326,700 bushels were down sharply from the previous week with China, Japan and Mexico the leading buyers.

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