(Farm Futures) – Corn and soybean sales in the USDA weekly export sales report Thursday were down from the previous week, as expected, while wheat sales were up.
Chicago corn, soybean, and wheat futures showed little reaction to the numbers in the electronic market, with corn futures up about 5 cents a bushel, soybeans up about 7 cents and wheat up 15 to 16 cents. Gains in wheat were tied to news Russia will be slowing grain exports, a move that may give U.S. wheat some opportunities in the Middle East and North African markets.
In daily reporting, USDA on Thursday said China bought 55.11 million bushels of 2015/2016 soybeans, Mexico bought 3.28 million bushels of hard red spring wheat for of 2014/2015 delivery and 820,000 bushels for 2015/2016 delivery, and unknown destinations took 4.96 million bushels of 2014/2015 corn.
The weekly soybean sales of 25.6 million bushels were down 14% from the previous week but within trade forecasts, China and the Netherlands the leading buyers.
Soymeal sales of 146,800 metric tons for 2014/2015 were up considerably from the previous week and topped expectations, with Italy and Mexico the top buyers.
Corn sales of 27.3 million bushels were down 28% from the previous week and near the low end of trade forecasts. Unknown destinations, Mexico and Japan were the top buyers. There was a small sale of nearly 197,000 bushels of 2015/2016 corn to El Salvador
Wheat sales of 17.5 million bushels for 2014/2015 were up from the prior week and beat forecasts. Top buyers were Japan, Mexico and Nigeria. The weekly business included 1.22 million bushels of 2015/2016 wheat to unknown destinations.
