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WEEKLY EXPORT REPORT: Soybean sales drop; new-crop corn gains

Wheat sales down but match forecasts.

Export sales of corn, soybeans and wheat were mostly lower in the latest U.S. Department of Agriculture weekly report, with the exception of new-crop corn business, which was more than double the previous week.

A decline in sales had largely been expected, particularly for soybeans, which lacked a big daily sale to China that contributed to the previous week’s business.

Old-crop corn sales of 3.6 million bu. were down sharply from the prior week and missed forecasts; those sales were led by Japan, Mexico and Colombia. New-crop sales of nearly 19.2 million bu. topped forecasts in a Reuters poll, with unknown destinations, Mexico and Japan as the leading buyers.

Old-crop soybean sales of about 11.1 million bu. were down 43% from the prior week but beat the trade forecasts by a small margin; the Netherlands, China and Thailand led buyers. New-crop sales of 19.5 million bu. were down sharply from the prior week’s big number and were led by China, unknown destinations and Vietnam.

In daily reporting on Thursday, USDA said unknown destinations bought nearly 9.7 million bu. of soybeans, which included about 7.3 million bu. of the 2016 harvest and about 24 million bu. of 2017. That business will be included in a future weekly export report.

Wheat sales of 18.3 million bu. were down 26% from the prior week and led by Taiwan, South Korea and Chile.

Chicago, Ill., soybean futures rose 4-5 cents after the export report and before the overnight session closed, while the corn and wheat markets had little movement.

Chicago Board of Trade (CBOT) September soybeans closed the overnight session up 8 cents, and September corn was up 3 cents. CBOT September soft red winter wheat was up 5 cents, and Kansas City, Mo., September hard red winter wheat finished the overnight session up 5-1/2 cents. Spring wheat for September closed 7-1/2 cents higher.

Soybean meal export sales of 6,700 metric tons were down sharply from the prior week but were within the wide range of trade forecasts. Canada, Colombia and Costa Rica led buyers. New-crop business of 55,200 tons also was down from a week ago and matched forecasts, with Mexico, Nicaragua and Ecuador as the leading buyers.

Soybean oil sales of 14,900 metric tons were down 41% from the prior week but were within forecasts, with South Korea, Guatemala and Mexico as the leading buyers.

Sorghum sales of 2.05 million bu. were down a little from a week ago and went to China.

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