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WEEKLY EXPORT REPORT: Soybean sales drop; corn inches up

Wheat business has small decline.

Weekly export sales of old-crop soybeans were down nearly 50% in the U.S. Department of Agriculture's weekly report, missing trade forecasts but still enough to stay above the pace needed to meet USDA's annual forecast.

Soybean export sales are typically slow in the spring as buyers shop in South America. Corn sales inched up for old- and new-crop supplies, while wheat sales were up a little for both crop years.

In corn, old-crop sales of 29.8 million bu. were up 3% from the previous week, with Japan, South Korea and Peru as the leading buyers. New-crop sales of 3.6 million bu. were up from the prior week but missed trade forecasts in a Reuters poll. Japan and Mexico were the buyers.

Old-crop soybean sales of 7.8 million bu. were down 48% from the prior week, with the Netherlands, China and Canada being the top markets. The majority of the Netherlands business was switched from unknown destinations. There were about 514,000 bu. in new-crop sales, which were down from a week ago and went to Mexico.

Old-crop wheat sales of 15.2 million bu. were down 2% for the week but matched trade forecasts. The sales were short of the projected pace needed to meet USDA's annual forecast. Indonesia, Japan and Mexico were the leading buyers.

There were 5.04 million bu. of 2017-18 wheat sales, up from a week ago, with China, unknown destinations and Japan as the leading buyers. Wheat's 2017-18 crop year starts June 1.

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, May corn was up 1.75 cents, and July was up 2.25 cents/bu. May soybeans were up 4 cents and July up 4.25 cents.

Chicago Board of Trade (CBOT) May soft red winter wheat futures each closed the overnight session up 2 cents, and July was up 1.5 cents. Kansas City, Mo., May hard red winter wheat was up 2.5 cents, and July was up 2.75 cents. In spring wheat, May was down three-quarters cent and July down a half-cent.

Soybean meal export sales of 135,000 metric tons were down 15% from the previous week but matched trade forecasts. The Philippines, unknown destinations and Colombia led buyers. New-crop business of 100 mt was down sharply from the prior week and was led by Canada.

Soybean oil sales of 33,200 mt were up 78% from a week ago and beat trade forecasts, with South Korea, the Dominican Republic and Mexico as the leading buyers.

Sorghum sales of nearly 1.85 million bu. went to China.

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