(Farm Futures) – Export sales of 2013/2014 corn were down sharply in the latest week at 4.3 million bushels as cancellations of 17.4 million bushels partially offset purchases by regular buyers Japan, Saudi Arabia, Taiwan and others, USDA said on Thursday.
New-crop sales of 3.1 million bushels were within expectations but down from the previous week.
“Sales of corn were disappointing this week, only a little old- and new- crop business done,” said Bryce Knorr, Farm Futures senior grain analyst. “But the real number to watch is the shipments total. It was strong at 44.2 million bushels, right in line with the weekly rate needed the rest of the summer to reach USDA’s target for the marketing year.”
Chicago grain and soybeans futures had little reaction to the weekly export numbers as traders are either focused on corn and soybean crop conditions in the Midwest or the winter wheat harvest in the central and southern Plains. The wheat harvest is now in southern Kansas, where wheat officials this week reported that poor yields of 10 to 12 bushels per acre were common.
Old-crop soybean sales of nearly 3.6 million bushels matched expectations and were up 13% from the previous week to keep that year’s total sales above USDA’s current annual forecast. New-crop sales of 10.5 million bushels missed forecasts and were down from the previous week.
Old-crop soymeal sales of 54,700 tonnes were down from the previous week but within expectations, with Venezuela, Mexico, Canada, and Honduras the leading buyers. New-crop business of 127,800 tonnes matched expectations with unknown destinations and Indonesia the leading buyers.
Weekly wheat exports for the 2014/2015 year, which began June 1, were nearly 13.7 million bushels, with Brazil, Mexico, and Indonesia the leading buyers. The business included cancellations by unknown destinations, Panama, and Nigeria.
“Wheat sales remain lackluster, but harvest progress is slow and buyers are waiting to see how much quality wheat will be available. Brazil is ready to import our hard red winter wheat – if it’s available,” said Knorr.
