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WEEKLY EXPORT REPORT: Corn, soybean sales jump

China takes more soybeans, unknown destinations take corn.

Corn and soybean export sales had another big week, with corn sales up 35% to top trade forecasts, while the 51% jump in soybeans put that business at the top end of trade forecasts in a Reuters poll.

Wheat export sales in USDA’s weekly report were down 22% from the prior week, but matched forecasts.

In addition to the weekly sales, USDA on Thursday reported a daily sale of 6.1 million bushels of  2016/2017 corn to unknown destinations. That business will be included in a future weekly export sales report.

In the weekly report, USDA put corn sales at 65.4 million bushels, with unknown destinations, Japan and the Dominican Republic the top buyers.

Soybean sales were 52.1 million bushels with China again taking the majority, followed by Mexico and Vietnam.  A small sale of 18,370 bushels of 2017/2018 soybeans went to Japan.

The wheat sales of nearly 22 million bushels were led by unknown destinations, the Philippines and the Dominican Republic.  

Chicago’s crop markets had minor reactions to the numbers in the closing minutes of the overnight session. Corn futures closed 1-1/4 cents higher, soybeans up 1/4 cent in January. December wheat futures closed 1-3/4 cents higher in soft red winter, ¾ higher in hard red winter and 2 higher in spring wheat.

Soymeal export sales of 437,400 metric tons were up sharply from the previous week’s 149,900 and topped trade forecasts. The Dominican Republic, the Philippines and Mexico were the top buyers.

Net sorghum sales of 13.1 million bushels were down 5% from a week ago. The top markets were China, unknown destinations and Japan.

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