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WEEKLY EXPORT REPORT: Soybean, wheat sales inch up; corn slips

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Soybean and wheat sales top forecasts.

Export sales of soybeans and wheat increased in the latest week and topped trade forecasts, and the soybean and corn sales exceeded the weekly paces needed to meet the U.S. Department of Agriculture's annual export projections.

Old-crop corn sales of 28.2 million bu. were down 47% from the previous week, with Peru, Mexico and Japan as the leading buyers. New-crop sales of 4.9 million bu. nearly matched the previous week's business and matched trade forecasts in a Reuters poll. Mexico, Nicaragua and unknown destinations were the leading buyers.

Old-crop soybean sales in USDA's weekly export report of 25 million bu. were up 15% for the prior week, with Germany, Mexico and China as the top markets. Some of the China business was switched from unknown destinations. New-crop sales of 11.6 million bu. were up sharply from a week ago and went to China, Pakistan and unknown destinations.

Also on Thursday, in daily reporting, USDA said China bought nearly 6.1 million bu. of 2017-18 soybeans. That sale will be included in a future weekly export report.

Weekly wheat sales of 17.1 million bu. were up 11% for the week and were led by Saudi Arabia, the Philippines and Mexico. About 6 million bu. of that were 2017-18 sales, which were led by unknown destinations, Thailand and Nigeria.

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 and July corn were each down 1 cent. May and July soybeans were each down 4.25 cents.

Chicago Board of Trade soft red winter wheat futures closed the overnight session down 1 cent for both May and July. Kansas City, Mo., May hard red winter wheat was unchanged, and July was down a quarter-cent. May and July spring wheat were each up a quarter-cent.

Soybean meal export sales of 162,600 metric tons were up 28% from the previous week and matched trade forecasts. Venezuela, Spain and the Philippines led buyers. New-crop business was a net reduction of 1,000 mt due to a cancellation by Nicaragua.

Soybean oil sales of 12.500 mt were down 18% from a week ago but matched forecasts, with Colombia, Mexico and South Korea as the leading buyers.

Sorghum sales of nearly 657,500 bu. were down considerably from the prior week and were led by China, Mexico and Japan.

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