WEEKLY EXPORT REPORT: Soybean, wheat sales increase; corn slips

Wheat sales beat forecasts, but corn sales take 21% tumble from prior week.

Soybeans and wheat export sales had a big week, with wheat topping trade forecasts and soybeans matching the forecasts.

Corn sales of 31.5 million bu. were down 21% from the prior week, the U.S. Department of Agriculture said in its export report for the week ended Oct. 20. That number missed trade forecasts in a Reuters poll but still topped the weekly pace needed to meet USDA’s annual forecast. Mexico, the Netherlands and Japan were the leading destinations.

Soybean sales of 75.2 million bu. were up 2% from the prior week and also topped the pace needed to meet USDA’s annual number. China took the majority of the soybeans, followed by Mexico and Italy.

Weekly wheat sales of 23.7 million bu. were up 26% from the previous week and exceeded the amount needed to meet USDA’s annual forecast. Unknown destinations, Taiwan and Japan were the leading buyers. Also, slightly less than 1 million bu. of 2017-18 wheat  went to the Philippines and Mexico.

In daily reporting on Thursday, USDA said China bought nearly 14.6 million bu. of soybeans and 8.03 million bu. of sorghum, and unknown destinations bought 4.74 million bu. of soybeans. Those deals were for the 2016-17 crops and will be included in future weekly sales reports.

Chicago, Ill., crop futures weakened in the closing minutes of the overnight session and after the export numbers were released. Corn futures dropped about 2 cents/bu. to close a half-cent higher, and soybean futures took a downturn to close 1.5 cents/bu. lower in November and January. Soft red winter wheat futures slipped about a penny to close 2.75 cents/bu. higher in December, while hard red winter wheat and spring wheat both eased a penny and closed 0.75 cent/bu. higher for December.

Soybean meal export sales of 146,200 metric tons were down from a week ago and missed trade forecasts. The Philippines, unknown destinations and Guatemala were the top markets.

Net sorghum sales were less than 12,000 bu. due to cancellations but were still up from the prior week and went to China and South Korea.

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