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WEEKLY EXPORT REPORT: Old-crop soybeans rebound; corn dips

cargo ship
Wheat sales have a down week.

Old-crop soybean export sales more than doubled in the latest week to match trade forecasts, while new-crop sales were lower and well short of forecasts.

Corn sales in the U.S. Department of Agriculture’s weekly export report were lower for both old- and new-crop and missed trade forecasts. However, the sales of both old-crop corn and soybeans topped the paces needed to meet USDA’s annual forecasts.

Wheat sales also were down from the prior week, at 18.1 million bu., but that was enough top the weekly pace needed to meet USDA’s annual forecast. The wheat sales were led by Mexico, Indonesia and the Philippines.

Old-crop soybean sales of 11.5 million bu. were led by Bangladesh, the Netherlands and Indonesia. New-crop sales of nearly 75,000 bu. were down from a week ago, with Taiwan the buyer.

Old-crop corn sales of 12.5 million bu. were down 40% from a week ago and were led by Mexico, Japan and China. New-crop sales of nearly 2.7 million bu. went to unknown destinations, Mexico and Trinidad.

Chicago, Ill., corn and soybean futures added about a penny to their overnight gains after the export report. The winter wheat markets moved higher. Spring wheat futures jumped about 10 cents after the export report, but that may be related to weather rather than export sales.

Chicago Board of Trade (CBOT) July and August soybeans both closed the overnight session 6 cents higher. July and September corn both closed 3 cents lower. CBOT July soft red winter wheat futures closed up 11-1/4 cents and September up 10-3/4 cents. Kansas City, Mo., July hard red winter wheat finished 9-3/4 cents higher and September 10-3/4 cents higher. Spring wheat for July was 34-3/4 cents higher and September 35-1/2 higher.

Soybean meal export sales of 38,000 metric tons were a marketing-year low and were down 56% from the prior week but matched trade forecasts. Canada, Mexico and Honduras led buyers. New-crop business of 21,400 metric tons also was down from a week ago and was led by Mexico, Trinidad and Canada.

Soybean oil sales of 12,600 metric tons were down 5% from the previous week but matched forecasts, with the Dominican Republic, Colombia and Canada as the leading buyers.

Sorghum sales of 78,740 million bu. were down sharply from a week ago and went to China.

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