USDA Export Sales: Soybeans tumble; corn and wheat sales down

Corn, soy sales down from Christmas week a year ago.

Soybean export sales at 17.6 million bushels during the Christmas week were down sharply from the prior week, missed trade forecasts and were down about 22% when compared with Christmas week a year ago, USDA said on Thursday.

China was again the leading soybean buyer, while Germany and Spain took sizable amounts. Also, 3.7 million bushels of 2016/2017 soybeans were sold to unknown destinations and to Japan

In daily reporting on Thursday, USDA said China bought nearly 4.4 million bushels 2015/2016 soybeans. That sale will be included in the next weekly export report.

Corn export sales of nearly 27.8 million bushels were down 12% from a week ago, within trade forecasts and down 21% from the year ago Christmas week. Mexico, unknown destinations and Japan were the leading buyers.

Wheat sales of nearly 13.4 million bushels were about as expected, down 2% from a week ago, and up 2.6% from a year ago. Indonesia, Italy and Mexico were the leading buyers. There was small sale of about 694,000 of 2016/2017 wheat to Panama.

U.S. soybean futures dropped about 2 cents after the export numbers were released, while soft red winter wheat rose about a penny and corn barely moved.  Soybean futures in Chicago closed the overnight down 2-1/2 cents in January and down 4 in March. In corn, March was down 1 cent and May down ¾ cent, while March soft red winter wheat was up 1-1/2 cents. March hard red winter was up 3-1/2 and March spring wheat was up 2-1/2 cents.

Soymeal export sales of 78,900 metric tons were down from a week ago and missed trade forecasts with the Dominican Republic, Mexico and Italy the top buyers. Also, 200 tons of 2016/2017 soymeal were sold to Mexico.

Sorghum sales of 5.3 million bushels were down 59% from the previous week with China taking the most.

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