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WEEKLY EXPORT REPORT: Old-crop corn, soybean sales decline

cargo ship
Wheat sales drop at start of new crop year.

Corn and soybean sales declined in the latest week, despite lower prices then for soybeans; meanwhile, the first week of the new wheat year brought sales of nearly 17 million bu.

The wheat year began June 1, and 69.2 million bu. in 2016-17 sales were carried over to the 2017-18 crop year, the U.S. Department of Agriculture said in its weekly export report. That carryover was about 45% more than what was carried over a year ago.

The 17 million bu. in 2017-18 wheat sales were down from a week ago and were led by unknown destinations, Peru and Mexico.

Old-crop corn sales of 13.7 million bu. were down about 15% for the week and missed trade forecasts, while new-crop sales of 5.04 million bu. were down about 8% from the previous week but matched forecasts. Saudi Arabia, Japan and China led old-crop buyers, while unknown destinations, Panama and Mexico led new-crop buyers.

Old-crop soybean sales of 5.8 million bu. were down 74% for the week and were led by Spain, Egypt and Indonesia. New-crop sales of nearly 8.15 million bu. were up sharply from a week ago and were led by Spain, Pakistan and Mexico.

Chicago, Ill., crop futures had little reaction to the weekly export numbers in the closing minutes of the overnight trading session.

Chicago Board of Trade (CBOT) soybeans for July and August both closed that session up 7.5 cents/bu. July corn closed up 4 cents/bu. and September up 3.75 cents. CBOT July soft red winter wheat futures closed 5 cents/bu. higher, and Kansas City, Mo., July hard red winter wheat finished 6.5 cents higher. Spring wheat for July also closed 6.5 cents higher.

Soybean meal export sales of 84,900 metric tons were down 31% from the previous week but matched trade forecasts. Colombia, Mexico and Venezuela led buyers. New-crop business of 14,800 metric tons was up considerably from a week ago, with Canada, Panama and Mexico as the leading buyers.

Soybean oil sales of 17,600 metric tons were down 23% from the prior week and were led by Algeria, the Dominican Republic and Mexico.

Sorghum had a net reduction of 78,740 bu. as cancellations more than offset the sales to China and Mexico.

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