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WEEKLY EXPORT REPORT: Crop sales rebound from slow week

New-crop wheat has strong week.

Export sales of corn, soybeans and wheat improved in the latest week from the previous week's low numbers, and sales of all three crops largely matched trade expectations and topped the weekly paces needed to meet the U.S. Department of Agriculture's annual sales forecasts.

Old-crop corn sales more than doubled to 27.8 million bu. from last week's market-year low, while new-crop sales of 6.6 million bu. rebounded from the previous week's net reduction, USDA said on Thursday. Japan, Mexico and Spain led buyers of old-crop corn, while unknown destinations and Japan bought the new crop.

Soybean sales were up 10% to 13.05 million bu., and new-crop sales were 1.5 million bu. China, Bangladesh and Germany bought the old-crop supplies, while unknown destinations bought the new crop.

Old-crop wheat sales of nearly 9.1 million bu. improved from last week's net reduction, with China, Nigeria and Vietnam as the leading buyers. The focus has shifted to the new crop year, which starts in two weeks. New-crop sales of 14.4 million bu. were up 44% from the prior week and were led by Japan, unknown destinations and Mexico.

Chicago, Ill., crop futures had little reaction to the export numbers during the closing minutes of the overnight trading session. Soybean futures were sharply lower on ideas that a drop in Brazil's real will prompt farmers there to sell their soybeans, which are priced in dollars.

Chicago Board of Trade (CBOT) July soybeans closed down 20.75 cents/bu., and new-crop November was off 16 cents. July corn closed 6.25 cents lower, and new-crop December was down 6 cents.

CBOT July soft red winter wheat futures closed 2.5 cents lower, and Kansas City, Mo., July hard red winter wheat was 2.75 cents lower.

Soybean meal export sales of 113,600 metric tons were down 17% from the previous week but matched trade forecasts. Colombia, Mexico and Canada led buyers. New-crop business of 60,300 mt went to Mexico and Ecuador.

Soybean oil sales of 14,900 mt were down 49% from the prior week and were led by the Dominican Republic, unknown destinations and Colombia. New-crop sales of 600 mt went to Canada.

Sorghum sales of 2.2 million bu. were up sharply from the prior week and were led by China, Mexico and Japan.

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