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WEEKLY EXPORT REPORT: Soybean sales see small increase

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Corn and wheat sales have a down week.

Soybean export sales had a small increase in the latest week but largely matched trade forecasts, with top buyer China taking some old- and new-crop supplies.

Corn sales in the U.S. Department of Agriculture’s weekly export report had another slow week, with 5.5 million bu. of old-crop sales representing a market-year low. While those sales missed trade forecasts, they still topped the weekly pace needed to meet USDA’s annual forecast.

The old-crop corn sales were led by the Netherlands, Mexico and South Korea. New-crop sales of about 2.9 million bu. went to Mexico, El Salvador and Panama.

Wheat sales also were down from the prior week at 13.8 million bu., which fell short of the weekly pace needed to meet USDA’s annual forecast. The wheat sales were led by the Philippines, South Korea and Mexico.

Old-crop soybean sales of 13.4 million bu. were led by Mexico, unknown destinations and China. New-crop sales of about 2.7 million bu. were up from a week ago, with China, Costa Rica and unknown destinations as the top buyers.

Chicago, Ill., corn, soybean and winter wheat futures showed little reaction to the export report in the closing minutes of the overnight session. Spring wheat futures sped higher in the closing minutes of the overnight session but it appears they were headed higher prior to the report’s release.    

Chicago Board of Trade (CBOT) August soybeans closed the overnight session 3-1/4 cents higher. September corn was up 2-3/4 cents. CBOT September soft red winter wheat closed down 1-3/4 cents, and Kansas City, Mo., September hard red winter wheat finished 3-3/4 cents lower. Spring wheat for September was 20 cents higher.

Soybean meal export sales of 45,000 metric tons were up 19% from a week ago but matched trade forecasts. Mexico, Morocco and Ecuador led buyers. New-crop business of 35,100 metric tons also was up from a week ago and was led by unknown destinations, the Dominican Republic and Canada.

Soybean oil sales of 6,600 metric tons were down 48% from the previous week and missed forecasts, with Mexico, Colombia and South Korea as the leading buyers.

Sorghum sales of 2.8 million bu. were up sharply from a week ago and were led by unknown destinations, China and Mexico.

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