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EXPORT REPORT: Buyers focus on new-crop corn, soybeans

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Wheat sales slip but match forecasts.

Foreign buyers stocked up on new-crop corn and soybeans this past week as export sales for both of those crops were up sharply from the prior week and topped trade forecasts.

Wheat export sales were down slightly from the prior week, the U.S. Department of Agriculture said in its weekly export report. Wheat sales of 13.1 million bu. were led by Japan, the Philippines and Malaysia. Those sales were about as expected but still fell short of the weekly pace needed to meet USDA’s annual forecast.

Old-crop corn sales of 6.3 million bu. were up a little from the prior week but missed trade forecasts. The sales, however, still topped the pace needed to meet USDA’s annual forecast. Japan, Spain and Mexico led old-crop buyers. New-crop sales of 11 million bu. were more than triple the prior week’s sales and topped forecasts in a Reuters poll, with Mexico the key buyer.

Old-crop soybean sales of 8.4 million bu. were down 38% from the prior week, but that was enough to keep annual sales above USDA’s forecasted amount. Egypt, Indonesia and the Netherlands led buyers. New-crop sales of 16.7 million bu. were up sharply from the prior week, with Pakistan, China and Mexico as the leading buyers.

Chicago, Ill., corn, soybean and winter wheat futures were trading lower before and after the export report. Spring wheat futures added about 5 cents to their overnight losses after the report, but that selling may have been related to new forecasts that improve rain chances for the northern Plains.

Chicago Board of Trade (CBOT) August soybeans closed the overnight session 23.25 cents lower. September corn was down 7.25 cents. CBOT September soft red winter wheat closed the overnight down 12.75 cents. Kansas City, Mo., September hard red winter wheat finished down 13.5 cents, and spring wheat for September was 6.75 cents lower.

Soybean meal export sales of 3,700 metric tons were down sharply from the prior week and missed trade forecasts. Colombia, Mexico and Panama led buyers. New-crop business of 137,000 metric tons was up from a week ago and topped forecasts, with Mexico, the Dominican Republic and Canada the leading buyers.

Soybean oil sales of 16,200 metric tons were more than double the prior week, matched forecasts and were led by South Korea, Mexico and the Dominican Republic.

Sorghum sales of 2.35 million bu. were down a little from a week ago and went to China and Mexico.

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