EXPORT REPORT: Corn, wheat sales down in holiday weekEXPORT REPORT: Corn, wheat sales down in holiday week
Soybean sales increase in latest week as China buys.
January 7, 2016
Corn and wheat export sales slowed during the final and holiday-shortened week of 2015, while soybeans were up due to more sales to China, the U.S. Department of Agriculture reported on Thursday.
The corn and wheat sales missed trade forecasts, while the soybeans matched them.
Corn export sales of slightly less than 10 million bu. were down 64% from the previous week, led by Mexico, Colombia and Peru.
Wheat sales of 2.8 million bu. were at a marketing-year low and were down nearly 80% from the week before. Japan, China and the Philippines were the leading buyers.
Soybean sales were up 33% from the prior week at nearly 23.5 million bu., with China again the leading buyer, followed by the Netherlands and Spain. There was a small sale of nearly 3,700 bu. of 2016-17 soybeans to Japan.
In daily reporting on Thursday, USDA said China bought 9.04 million bu. of 2015-16 soybeans. That sale will be included in the next weekly export report.
U.S. wheat futures dropped about 2 cents/bu. after the export numbers were released, while the corn and soybean markets barely moved. Soybean futures in Chicago, Ill., closed the overnight session 4.75 cents/bu. lower in both January and March. In corn, March futures were down 2.75 cents/bu., and May declined 2.5 cents. March soft red winter wheat was down 4.75 cents, March hard red winter wheat was down 4.75 and March spring wheat was down 1.75.
Soybean meal export sales of 46,500 metric tons were a marketing-year low, down 41% from a week ago and missing trade forecasts. Colombia, the Philippines and the Dominican Republic were the leading buyers.
Sorghum sales of 6.85 million bu. were up 29% from the previous week, with China taking the most, followed by unknown destinations and Mexico.
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