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WEEKLY EXPORT REPORT: Soybeans sales drop, miss forecasts

Old-crop corn sales slip, while wheat improves.

Soybean export sales dropped in the latest week for both old-crop and new-crop supplies to miss trade forecasts, while old-crop corn sales slipped and new-crop sales were up a little.

Wheat sales were up considerably from last week and beat trade forecasts. The nearly 20 million bu. in wheat sales were led by Japan, Taiwan and the Philippines.

Old-crop soybean sales of 4.08 million bu. were down 67% from the previous week and were led by Indonesia, Bangladesh and Cuba. New-crop sales of nearly 140,000 bu. also were down sharply from a week ago, with Canada and Thailand as the leading buyers.

Old-crop corn sales of 20.8 million bu. were down 12% from a week ago and missed forecasts, while new-crop sales of nearly 4.9 million bu. were up sharply from a week ago and matched forecasts. Old-crop sales were led by Japan, Mexico and Israel, while the new-crop business went to Mexico and El Salvador.

Chicago, Ill., corn and soybean futures added about a penny to their overnight losses after the export report, while the wheat markets saw little movement.

Chicago Board of Trade (CBOT) July and August soybeans both closed the overnight session 3-1/4 cents lower. July and September corn both closed 3-1/2 cents lower. CBOT July soft red winter wheat futures closed down 6-1/4 cents and September down 6-3/4. Kansas City, Mo., July hard red winter wheat finished 7-3/4 cents lower and September 7-1/4 lower. Spring wheat for July and September both closed 3-3/4 cents lower.

Soybean meal export sales of 86,600 metric tons were down 48% from the prior week but matched trade forecasts. Mexico, the Dominican Republic and Guatemala led buyers. New-crop business of 45,600 metric tons was down considerably from a week ago and was led by Mexico, Ecuador and Canada.

Soybean oil sales of 13,300 metric tons were down 56% from the previous week but matched forecasts, with South Korea, Jamaica and Mexico as the leading buyers. New-crop sales of 4,100 went to Mexico.

Sorghum sales of 2.44 million bu. were up slightly from a week ago and were led by China and unknown destinations.

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