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WEEKLY EXPORT REPORT: Wheat sales have big week

Old-crop corn and soybean sales drop.

Weekly export sales of wheat increased for both old-crop and new-crop supplies, with sales of both beating trade estimates.

Old-crop corn and soybeans sales were down for the week but matched forecasts. New-crop corn sales were up from a week ago, while next-crop soybeans were down, the U.S. Department of Agriculture said on Thursday. However, new-crop corn sales missed trade forecasts in a Reuters poll, while soybeans matched them.

Old-crop wheat sales of nearly 9.5 million bu. were about four times greater than a week ago, even as that crop year winds down. The Philippines, Thailand and Nigeria led buyers. The wheat crop year ends May 31. New-crop wheat sales of 20.7 million bu. were up considerably from a week ago, with unknown destinations, Algeria and South Korea the leading buyers.

In corn, old-crop sales of 30.3 million bu. were down 22% from a week ago and led by the Japan, Mexico and South Korea. New-crop sales of 948,817 bu. were up from the prior week and matched forecasts, with Peru and unknown destinations as the buyers.

Old-crop soybean sales of 11.7 million bu. were down 57% from the prior week with the Netherlands, Indonesia and China the leading buyers. Some of the business to the Netherlands and Indonesia was switched from unknown destinations. There were about 470,300 million bu. in new-crop sales, which were down from a week ago and led by Japan, unknown destinations and South Korea.

In Chicago, Ill., futures’ overnight session, crop markets had little reaction to the numbers. At the end of that session, May corn was down 3.5 cents/bu., and July was down 3.25 cents. May soybeans were down 3.75 cents/bu. and July down 2.25 cents.

Chicago Board of Trade May soft red winter wheat futures closed the overnight session down 5 cents and July down 4.75 cents/bu. Kansas City, Mo., May hard red winter wheat was down 2.75 cents, and July was down 5 cents. In spring wheat, July was down 3.75 cents.

Soybean meal export sales of 103,600 metric tons were down 8% from the previous week but matched trade forecasts. Bangladesh, Honduras and Venezuela led buyers. New-crop business of 6,300 mt was up considerably from the prior week, with unknown destinations as the buyer.

Soybean oil sales of 10,600 mt were up from the prior week’s net cancellation and were led by Mexico, Dominican Republic and Trinidad.

Sorghum sales of nearly 4.04 million bu. were up 62% from a week ago and were led by unknown destinations, China and Mexico.

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