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WEEKLY EXPORT REPORT: Corn, soybean, wheat sales inch higher

Japan leads the corn and wheat business, while Mexico takes soybeans.

Export sales of corn, soybeans and wheat increased in the latest week and largely matched trade forecasts as Mexico pushed China aside to be the top buyer of U.S. soybeans.

Weekly sales of old-crop corn totaled 29.2 million bu., up 7% from the previous week and led by Japan, Bangladesh and Yemen.  New-crop sales of 3.7 million bu. also matched trade forecasts in a Reuters poll, with unknown destinations and the Philippines being the top buyers.

In daily reporting on Thursday, the U.S. Department of Agriculture said 4.72 million bu. of 2016-17 corn were sold to Japan. That sale will be included in a future weekly report.

Old-crop soybean sales in USDA’s weekly export report of 17.8 million bu. were up 14% for the week, with Mexico, China and Japan the top markets. The 1.1 million bu. in new-crop sales went to Canada and Japan.

Weekly wheat sales of 14.4 million bu. were up 21% from a week ago and were led by Japan, Bangladesh and Yemen. About 1.5 million bu. of 2017-18 sales were led by unknown destinations, the Philippines and Panama.

In the overnight session of the Chicago, Ill., futures, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was down a quarter-cent and July down a half-cent. May soybeans were down 5.5 cents/bu., and July was down 5.25 cents.

Chicago Board of Trade soft red winter wheat futures closed the overnight session down 1.75 cents/bu. for May and down 2 cents for July. Kansas City, Mo., hard red winter wheat was down 2.5 cents/bu. for May and down 1.75 cents for July. Spring wheat was up 2.25 cents for May and up 1.5 cents/bu. for July.

Soybean meal export sales of 301,900 metric tons were up significantly from the previous week and beat trade forecasts. The Philippines, Venezuela and Vietnam led buyers.

Soybean oil sales of 8,400 mt were down 71% from the previous week and were led by South Korea, Colombia and the Dominican Republic.

Sorghum sales of 4.33 million bu. were up considerably from the prior week, with Mexico, Japan and China as the leading buyers.

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