WEEKLY EXPORT REPORT: Corn sales drop; soybeans surgeWEEKLY EXPORT REPORT: Corn sales drop; soybeans surge
Soybean and wheat sales top USDA's weekly pace.
September 29, 2016
Weekly soybean export sales on Thursday were double the prior week’s business and were led by China, while corn sales were down and missed trade forecasts.
Wheat sales were similar to a week ago, matched trade forecasts and topped the weekly pace needed to meet the U.S. Department of Agriculture’s annual sales projection.
USDA’s weekly export report said 2016-17 corn sales totaled 22.6 million bu., down about 38% from a week ago, and were led by Mexico, Colombia and South Korea.
Soybean sales of 62.2 million bu. were led by China, unknown destinations and Taiwan. The sales easily surpassed the weekly pace needed to meet USDA’s annual forecast. USDA also reported a small sale of nearly 3,700 bu. of 2017-18 soybeans to Japan.
The 21 million bu. of wheat sales were led by Morocco, Mexico and the Philippines and topped the weekly pace needed to meet USDA’s forecast. Weekly export shipments of 31 million bu. were a marketing-year high and easily topped the pace needed to meet USDA’s forecast.
In daily reporting on Thursday, USDA said China bought 4.41 million bu. of 2016-17 U.S. soybeans. That is fifth reported daily soybean sale this week and the third one to China. Thursday’s sale will be added to future weekly export reports.
Chicago, Ill., crop futures markets had little reaction to the export numbers, with soybean futures about 8 cents/bu. higher in nearby months when the overnight session closed shortly after the export report was issued. Corn futures were 2.75 cents/bu. higher in nearby months. Winter wheat futures were up about 2 cents/bu., and spring wheat was up about 3 cents/bu.
Old-crop soybean meal export sales of 21,500 metric tons were down 12% from a week ago, with Panama, Guatemala and Canada as the leading buyers. The crop year concludes at the end of September. New-crop soybean meal sales of 67,300 mt matched trade forecasts and were led by Mexico, the Dominican Republic and unknown destinations.
Sorghum sales of 8.95 million bu. for the 2016-17 crop year were up from a week ago and were led by China, unknown destinations and Indonesia.
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