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WEEKLY EXPORT REPORT: Soybeans, wheat have strong sales week

cargo ship
Old-crop corn sales slip.

Soybean sales had another strong week, up 29% from a week ago to top trade forecasts, while new-crop wheat sales were more than double the previous week’s business and also beat forecasts. The old-crop soybean sales of 22.4 million bu. were led by unknown destinations, Mexico and Indonesia. New-crop sales of about 590,000 bu. went to Malaysia and Thailand.

Old-crop corn sales of 16.2 million bu. were down about 10% for the week, while new-crop sales of 5.5 million bu. beat the previous week’s small number, the U.S. Department of Agriculture said on Friday. Old-crop corn sales missed trade estimates but still topped the pace needed to meet USDA’s annual sales forecast. Japan, Mexico and Taiwan led buyers. The new-crop corn sales went to Mexico, unknown destinations and Ecuador.

Also on Friday, USDA’s daily reporting system said Spain bought about 7.35 million bu. of soybeans. That deal included nearly 2.6 million bu. of old-crop supplies and nearly 4.8 million bu. of new-crop beans. The new-crop business was previously reported as a sale to unknown destinations. Those deals will be included in a future weekly sales report.

Old-crop wheat sales had a net reduction of nearly 1.1 million bu. as cancellations offset new sales. Cancellations were expected as that crop year ended on Wednesday and buyers focused on new-crop business. New-crop sales of 29.8 million bu. were a big increase from a week ago and were led by Japan, Egypt and Mexico.

Chicago, Ill., soybean and hard red winter wheat futures moved up about a penny after the export report, while corn and other wheat markets showed little reaction to the export numbers in the closing minutes of the overnight trading session.

Chicago Board of Trade (CBOT) July soybeans closed up 3.5 cents and August up 3.25 cents/bu. July corn closed up 2.25 cents and September up 2 cents. CBOT July soft red winter wheat futures closed 2.75 cents higher, and Kansas City, Mo., July hard red winter finished 3.75 cents higher. Spring wheat for July closed up ¾ cent.

Soybean meal export sales of 123,600 metric tons were down slightly from the previous week but matched trade forecasts. The Philippines, Morocco and Mexico led buyers. New-crop business of 900 metric tons went to Canada.

Soybean oil sales of 22,800 metric tons were about double the prior week, with South Korea, Dominican Republic and Mexico the leading buyers.

Sorghum sales of about 59,000 bu. were up from the previous week’s net reduction. Mexico and Japan led buyers.

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