WEEKLY EXPORT REPORT: New-crop corn, soybean sales increaseWEEKLY EXPORT REPORT: New-crop corn, soybean sales increase
Lower crop prices bring buyers to the U.S.
August 5, 2016
New-crop corn and soybean sales increased in the U.S. Department of Agriculture’s (USDA) export data for the week ended July 28 as a drop in prices during the month of July apparently brought buyers to the U.S.
USDA also announced a number of daily sales late in July and early August that will be added to futures weekly export reports. USDA reported August 4 that China had bought nearly 9.3 million bushels of new crop soybeans and unknown destinations bought nearly 5.1 million of new-crop corn.
In the export report for the week ended July 28, old-crop corn sales of 13 million bushels were down 25% from the prior week but matched estimates in a Reuters poll. Egypt, Japan and Vietnam were the top buyers. The 13 million was enough to keep corn sales on pace to surpass USDA’s annual forecast with about four weeks left in the crop year.
New-crop corn business of 35.3 million was led by unknown destinations, Japan and Mexico.
Old-crop soybean sales of 19.9 million were up from the previous week’s net reduction. China, Germany and the Netherlands were the leading buyers. Total old-crop soybean sales have surpassed the annual amount forecast by USDA. New-crop sales of 41.5 million bushels were led by unknown destinations, China and Japan
Wheat sales came in at 12 million bushels, down 36% from the prior week and missed trade forecasts, with Nigeria, Guatemala, and South Korea the leading buyers.
Chicago’s crop markets had little reaction to the numbers, with corn futures holding near unchanged in early trading, soybeans were about 8 cents higher and wheat 1 to 2 cents higher.
Soymeal export sales of 75,400 metric tons were down 5% from the previous week with Venezuela, Colombia and Panama the leading buyers. New-crop sales of 140,500 went to unknown destinations, the Philippines and Mexico.
Sorghum sales of 4.42 million bushels for 2015/2016 were up from a week ago and went to China. New-crop sales of 442,125 bushels went to unknown destinations.
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