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WEEKLY EXPORT REPORT: Soybean sales recover; corn posts more gains

Soybean sales recover, and corn posts more gains.

Weekly export sales of old-crop soybeans were up sharply from the previous week’s small number, the U.S. Department of Agriculture said on Thursday, beating trade forecasts by a hefty margin and easily staying above the pace needed to meet USDA’s annual forecast.

Corn sales had another good week, up 31% from the prior week, which topped trade forecasts and the weekly pace needed to meet USDA’s annual number.

Old-crop wheat sales were down sharply as they crop year winds down and were short of USDA’s projected annual pace. The wheat crop year ends May 31. New-crop sales were up from the prior week.

In corn, old-crop sales of 38.9 million bu. were led by South Korea, Japan and Saudi Arabia. New-crop sales of 437,000 bu. were down from the prior week and missed trade forecasts in a Reuters poll. Japan led buyers.

Old-crop soybean sales of 29.7 million bu. were up sharply from the prior week and were led by China, Germany and Egypt. Much of the business to China and Germany was switched from unknown destinations. There were nearly 2.7 million bu. in new-crop sales, which were up from a week ago and led by unknown destinations, Japan and South Korea.

Old-crop wheat sales of nearly 2.3 million bu. were down 85% for the week and set a marketing-year low. The sales missed trade forecasts by a large margin. With the end of the current crop year a few weeks away, buyers are focused on new-crop supplies. Old-crop sales were led by Japan, Yemen and China.

There were 11.2 million bu. of 2017-18 wheat sales, up sharply from a week ago and beating trade forecasts, with unknown destinations, China and Taiwan as the leading buyers.

In the Chicago, Ill., futures’ overnight session, soybean futures moved up about 2 cents after the USDA report came out, while corn and wheat futures had little reaction to the numbers. At the end of that session, May corn was up 2 cents and July up 1.75 cents. May soybeans were up 1.75 cents and July up 1.5 cents.

Chicago Board of Trade May soft red winter wheat futures closed the overnight session up 2 cents and July up 2.5 cents. Kansas City, Mo., May hard red winter wheat was up 4 cents and July up 4.25 cents. In spring wheat, May was up 4.75 cents and July up 5.25 cents.

Soybean meal export sales of 112,000 metric tons were down 17% from the previous week but matched trade forecasts. The Philippines, Colombia and Guatemala led buyers. New-crop business of 1,400 mt was up considerably from the prior week, with Japan the buyer.

Soybean oil had a net cancellation of 2,000 mt as sales to Mexico, Colombia and Canada were more than offset by cancellations by the Dominican Republic.

Sorghum sales of nearly 2.5 million bu. were up 35% from a week ago and were led by unknown destinations, Mexico and China.

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