WEEKLY EXPORT REPORT: Big week for corn, soybean sales

Corn and soybean exports easily top trade forecasts, and wheat sales also higher for the week.

Corn and soybean export sales had a big week as they were up from the prior week and easily topped trade forecasts.

Corn sales in the U.S. Department of Agriculture’s weekly export report on Thursday totaled 40.3 million bu., up 17% from the prior week and surpassing the weekly pace needed to meet USDA’s annual forecast. The leading buyers were unknown destinations, Colombia and Peru.

Soybean sales of 73.8 million bu. were up 42% from the prior week and also topped the pace needed to meet USDA’s annual number. China took the majority of the soybeans, followed by the Netherlands and Spain.

Weekly wheat sales of 18.9 million bu. were up 5% from the previous week, matched trade forecasts in a Reuters poll and exceeded the amount needed to meet USDA’s annual forecast. Mexico, Japan and South Korea were the leading buyers.

In daily reporting on Thursday, USDA said unknown destinations bought 7.05 million bu. of 2016-17 soybeans and 4.2 million bu. of soft white wheat. Those sales will be included in a future weekly export sales report.

After the export numbers were released, the Chicago, Ill., crop futures markets weakened slightly in the closing minutes of the overnight session. Corn futures ticked down to close 0.5 cent/bu. lower, and soybean futures barely moved to finish about 4 cents/bu. higher in nearby months. December soft red winter wheat futures eased slightly to close 0.75 cent/bu. higher, hard red winter closed 0.25 cent/bu. higher and spring wheat closed a penny higher.

Soybean meal export sales of 398,000 metric tons were up from a week ago and topped trade forecasts. Unknown destinations, the Philippines and Mexico were the top markets.

Sorghum sales of less than 8,000 bu. were down sharply from the prior week and went to Indonesia.

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