Corn, soybean and wheat export sales released on Thursday were higher for the week and topped trade forecasts. China was again to the top buyer of soybeans, while Peru led buyers in corn and Taiwan in wheat.
The U.S. Department of Agriculture’s weekly export report put corn sales at 58.9 million bu., which was nearly double the previous week’s business. The amount surpassed trade forecasts in a Reuters poll and was nearly double the weekly pace needed to meet USDA’s annual forecast. After Peru, the leading buyers were Japan, Mexico and South Korea.
There was a small sale of 39,370 bu. of 2017-18 corn to Nicaragua.
Soybean sales of 53.7 million bu. were up 10% from the prior week and easily topped the pace needed to meet USDA’s annual projection. After China, the leading buyers included Pakistan, the Netherlands and Vietnam. Many of the sales to China were previously reported via USDA’s daily reporting program. A small sale of 220,440 bu. of the 2017-18 crop went to unknown destinations.
Wheat sales of 18.5 million bu. were up 4% from the prior week and also topped the weekly pace needed to meet USDA’s annual forecast. The business was led by Taiwan, Japan and China. A small sale of nearly 900,000 bu. of 2017-18 wheat went to Mexico and Guatemala.
Also on Thursday, USDA reported daily sales of 13.1 million bu. of 2016-17 optional-origin corn to South Korea, 5 million bu. of 2016-17 soybeans to unknown destinations and 20,000 metric tons of 2016-17 soybean oil to South Korea. The optional-origin corn can be sourced from the U.S. or other countries. The daily sales will be included in a future weekly export report.
The Chicago, Ill., corn, soybean and wheat markets had little reaction to the export report in the closing minutes of the overnight session. Corn futures closed the session a half-cent higher in December and a quarter-cent lower in March, while soybeans were 10 cents/bu. lower in both January and March. March wheat futures closed 4 cents/bu. higher for soft red winter wheat, 4.75 cents/bu. higher for hard red winter wheat and 2.5 cents/bu. higher for spring wheat.
Soybean meal export sales of 222,500 mt were up 48% from the prior week and matched trade forecasts. Thailand, Canada and Mexico were the leading buyers.
Soybean oil sales of 13,400 mt were down sharply from the prior week but matched forecasts. The business was led by Korea, the Dominican Republic and Nicaragua.
Sorghum had a net reduction in business of nearly 410,000 bu. as cancellations offset sales. The top sales went to China and Nigeria.