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WEEKLY EXPORT REPORT: Corn, soybean, wheat sales slide

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Corn and soybean business tops weekly paces needed to meet USDA annual forecasts.

Export sales of corn, soybeans and wheat in the U.S. Department of Agriculture's report decreased in the latest week, with corn falling short of trade forecasts, while soybeans were at the low end of forecasts for the old crop and below forecasts for the new crop.

Calculations show that old-crop corn and soybean numbers topped the weekly paces to meet USDA's annual sales forecasts.

Old-crop corn sales of 29.1 million bu. were down 35% from the previous week, with regular customers Japan, Mexico and Colombia leading the buyers. New-crop sales of nearly 2 million bu. were up slightly from the prior week but missed trade forecasts in a Reuters poll. Japan was the buyer.

Old-crop soybean sales of 14.8 million bu. were down 4% from the prior week and were led by China, Pakistan and Egypt. Nearly all of the China business was switched from unknown destinations. New-crop sales were 4.6 million bu., down sharply from a week ago and going to China and Japan.

Old-crop wheat sales of 15.5 million bu. were down 26% for the week and matched trade expectations. The sales were short of the projected pace needed to meet USDA's annual forecast. China, Nigeria and Japan were the leading buyers.

There were about 4.6 million bu. of 2017-18 wheat sales, which were up from a week ago, with South Korea, the Philippines and Japan as the leading buyers. The 2017-18 crop year for wheat starts June 1.

In the Chicago, Ill., futures' overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, May corn was up 2-1/2 cents, and July was up 2 cents. May and July soybeans were each up 9 cents.

Chicago Board of Trade May and July soft red winter wheat futures each closed the overnight session up ¾ cent. Kansas City, Mo., hard red winter wheat was up 1/4 cent for May and up a half-cent for July. In spring wheat, May was up 3-1/2 cents and July up 3-1/4 cents.

Soybean meal export sales of 158,700 metric tons were down 31% from the previous week but matched trade forecasts. Colombia, the Philippines and Mexico led buyers. New-crop business of 79,500 mt was up considerably from the prior week, led by Mexico and Japan.

Soybean oil sales of 18,600 mt were down 17% from a week ago to match trade forecasts, with Colombia, Canada and El Salvador as the leading buyers.

Sorghum sales of nearly 3 million bu. were down 42% from a week ago and were led by China, Japan and Mexico.

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