WEEKLY EXPORT REPORT: Corn, soybean sales see solid gainsWEEKLY EXPORT REPORT: Corn, soybean sales see solid gains
Wheat sales down for week but up from four-week average.
March 3, 2016
Export sales of corn and soybeans posted solid gains in the U.S. Department of Agriculture’s weekly report on Thursday and topped their respective four-week averages as low prices prompted sales.
In the month of February, Chicago, Ill., corn futures prices dropped 5%, and soybeans dropped 3.3%. In addition, in early March soft red winter wheat futures sank to their lowest since 2010. Those declines have encouraged sales
“China is still buying some soybeans without a lot of large cancellations, and corn business is chugging along after a slow start," Bryce Knorr, Farm Futures senior grain analyst, said. “Low prices in wheat are attracting buyers around the world. Unfortunately, there are plenty of sellers.”
Old-crop corn sales of 43.2 million bu. were up 18% from the previous week and up 25% from the four-week average, with Colombia, Mexico and Japan as the top buyers. The weekly total was at the top end of trade forecasts in a Reuters poll.
Soybean sales of 16.2 million bu. for the 2015-16 crop were up 70% from the previous week and up 35% from the four-week average, with China again being the largest buyer, followed by Mexico and Indonesia. For the 2016-17 marketing year, sales of 77,154 bu. went to Japan.
Wheat sales of about 12.6 million bu. were down 11% from the prior week but 42% from the four-week average, led by unknown destinations, Mexico and South Korea. About 2.4 million bu. in sales of the 2016-17 crop went to the Philippines, unknown destinations, Mexico and Italy.
Corn, soybean and wheat futures had little reaction to the export numbers as the crops closed the overnight session with modest gains. Chicago crop futures closed the overnight higher in the May contracts, with corn up 1.25 cents/bu., soybeans up 2.25 cents/bu., soft red winter wheat up 4.5 cents/bu. and hard red winter wheat up 5.5 cents/bu.
In the export report, soybean meal sales of 132,100 tons were down 23% from the prior week and down 20% from the four-week average. However, the numbers were within trade forecasts. Mexico, the Philippines and Colombia led buyers. Net sales of 200 tons of 2016-17 soybean meal went to Canada.
Sorghum sales of 1.5 million bu. were down 10% from the prior week, led by China and Mexico.
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