Weekly Soybean Sales Rise, Corn and Wheat Drop

The USDA says soybean export sales rose during the week ending on May 19, while cancelations of corn and wheat orders from overseas customers resulted in net reductions. Soybean sales rose to 115,000 metric tons during the week, up from the prior week but down 26 percent from the previous five-year average. Germany was the top customer at almost 58,000 metric tons, while Japan bought 53,500 tons. Cancelations of corn orders resulted in a net drop of 75,200 metric tons during the week. However, that’s still better than the net reduction of 339,000 during the prior week. Mexico was the top corn buyer at 216,000 metric tons. But China canceled shipments of almost 332,000 metric tons. Wheat cancelations resulted in net reductions of 45,100 metric tons, the lowest level since the marketing year began. China bought 68,000 tons of wheat while Nigeria took in almost 16,000. Japan canceled shipments totaling 63,000 metric tons.