WEEKLY EXPORT REPORT: Corn, soybean sales slip as expected

Wheat sales increase 30% from the previous week.

Weekly corn and soybean export sales reported on Friday were down from the prior week, as expected, but still topped the paces needed to match the U.S. Department of Agriculture’s annual forecasts.

USDA said on Friday corn sales were 34.4 million bu. during the week ended Oct. 6. That was down 58% from the prior week’s big number but matched trade forecasts. South Korea, Japan and Mexico were the leading buyers. In addition, Mexico bought 1.2 million bu. of 2017-18 corn.

Soybean sales of 52.1million bu. also were down from a week ago but beat trade forecasts, with China as the top buyer, followed by unknown destinations and Japan.

Weekly wheat sales of 18 million bu. were up 30% from the previous week, matched trade forecasts in a Reuters poll and topped the pace needed to meet USDA’s annual forecast. New-crop sales of 1.2 million bu. went to Panama and Leeward & Windward Islands.

Chicago, Ill., crop futures markets had little reaction to the export numbers in the closing minutes of the overnight session. Corn futures did gain a penny to close about 4.5 cents/bu. higher, soybean futures barely moved and also finished about 4.5 cents/bu. higher in nearby months. Winter wheat futures slipped 1 cent to close about 4.5 cents/bu. higher, while spring wheat barely moved and closed about 4 cents higher.

Soybean meal export sales of 119,700 metric tons were led by Mexico, unknown destinations and the Philippines. The crop year concluded at the end of September. Soybean meal had net sales of 1,100 mt on Sept. 30 to Japan, Mexico and Panama. In addition, 510,400 mt from the prior marketing year were carried over to the new marketing year.

Sorghum sales of about 2.3 million bu. were up from the prior week, with China, Nigeria and Japan as the leading buyers.

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