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WEEKLY EXPORT REPORT: Soybeans have big increase; corn slips

Wheat sales up for the week, beating forecasts.

Weekly soybean export sales for the current crop year were nearly double the prior week's business, and the new-crop business also was up. Both sales beat trade forecasts in a Reuters poll.

Old-crop corn sales in the U.S. Department of Agriculture's weekly export report were down and missed forecasts, while new-crop business was up sharply from the previous week to beat forecasts.

Weekly soybean sales of 32.7 million bu. were up 93% for the week, with the top markets being China, unknown destinations and Germany. Most of China's business was a switch from unknown destinations. New-crop sales of 7.6 million bu. were up from a week ago and beat forecasts, led by Japan and unknown destinations. The old-crop sales easily topped the weekly pace needed to meet USDA's annual forecast.

Venezuela cancelled a small amount of old-crop soybeans. Cancellations are being watched as some countries may switch business to Brazil, which is harvesting now.

Weekly corn sales of 30.9 million bu. were down 19% from the previous week, with Japan, Peru and Mexico as the leading buyers. About 11.2 million bu. of 2017-18 corn went to Japan, Mexico and Costa Rica. Old-crop sales topped the weekly pace needed to match USDA's annual forecast.

Weekly wheat sales of 20.9 million bu. were up 8% from a week ago and were led by unknown destinations, Mexico and Nigeria. The sales were short of the weekly pace to meet USDA's annual number. Also, about 700,000 bu. of 2017-18 wheat went to unknown destinations and Honduras.

In the Chicago, Ill., futures' overnight session, corn, soybean and wheat futures had little reaction to the exports. At the end of that session, March corn was down a quarter-cent and May was down a half-cent. March soybeans were down 1 cent and May down three-quarters cent.

Chicago Board of Trade March soft red winter wheat futures closed the overnight session up a quarter-cent, while May was unchanged. Kansas City, Mo., hard red winter wheat was down three-quarters cent for March and down 1.5 cents May. March spring wheat was down three-quarters cent and May down a quarter-cent.

Soybean meal export sales of 121,300 metric tons were down 65% from the previous week and missed trade forecasts. Unknown destinations, Peru and Mexico were the leading buyers.

Soybean oil sales of 9,900 mt were down 72% for the week and were led by unknown destinations, Peru and Mexico.

Sorghum sales of 5.3 million bu. were up from the previous, week with China, Japan and South Africa as the leading buyers.

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