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WEEKLY EXPORT REPORT: Corn, soybean, wheat sales up for the week

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Corn, soybean sales top forecasts.

Export sales of corn, soybeans and wheat increased in the latest week, with the corn and soybeans business topping both trade forecasts and the weekly paces needed to meet the U.S. Department of Agriculture’s annual projections.

Wheat sales were up 58% for the week but were still well short of the pace needed to meet USDA’s annual forecast.

Old-crop corn sales of 53 million bu. were up 11% from the previous week, with South Korea, Japan and Mexico being the leading buyers. New-crop sales of 5 million bu. were down for the week but matched trade forecasts in a Reuters poll, with Mexico and Japan as the leading buyers.

Old-crop soybean sales of 27.1 million bu. in USDA’s weekly export report were up 57% for the week and were led by China, the Netherlands and unknown destinations. Some of the China and Netherlands business was switched from unknown destinations. New-crop sales of 2.9 million bu. went to unknown destinations, Mexico and Japan.

Weekly wheat sales of 15.4 million bu. were up 58% for the week, with Japan, Algeria and Mexico as the leading buyers. About 5.5 million bu. of 2017-18 sales were led by the Philippines, South Korea and unknown destinations.

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 down a quarter-cent and July down 0.5 cent/bu. May and July soybeans both were down 3.75 cents/bu.

Chicago Board of Trade soft red winter wheat futures closed the overnight session up 0.25 cent for May and up 0.75 cent/bu. for July. Kansas City, Mo., May hard red winter wheat was down a half-cent, and July was down 0.75 cent/bu. Spring wheat was up 3.25 cents for May and up 2.75 cents/bu. for July.

Soybean meal export sales of 134,300 metric tons were down 66% from the previous week and missed trade forecasts, with buyers led by the Philippines, Colombia and Canada. New-crop sales of 26,600 mt were up sharply and went to El Salvador, Nicaragua and Mexico.

Soybean oil sales of 15,300 mt were up noticeably and matched forecasts, with South Korea, Colombia and Mexico as the leading buyers.

Sorghum sales of nearly 8.5 million bu. were up sharply from the prior week and were led by unknown destinations, China and Japan.

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