Soybean export sales in the latest week were down 49% from the big volume the week before, but the 47.2 million bushels topped trade forecasts with China again the leading buyer, USDA's export sales report said Thursday.

Soybeans also had 36.6 million bushels is net sales for the 2016/2017 year, with all of it going to China.

Weekly corn sales of nearly 20.5 million bushels were down 31% from the week before and slightly under trade forecasts in a Reuters survey, with Mexico, Panama and Bangladesh the leading buyers. Corn also had a net reduction of 2.1 million in 2016/2017 sales as Panama and Honduras cancelled deals.

Corn sales drop, wheat sales rebound in USDA export sales report

Weekly wheat export sales of nearly 10.6 million bushels were nearly four times larger than the previous week's with Thailand, South Korea and the Philippines the leading buyers. Wheat also had 180,026 in 2016/2017 sales , which went to Mexico.

The soybean sales for 2015/2016 exceeded what is needed on a weekly basis to meet USDA's annual projections, while the corn and wheat numbers fell short.

Chicago corn, soybean and wheat markets had little reaction to the export numbers before the overnight session closed. December corn futures closed the overnight session down 1-1/4 cents at $3.94-1/2, November soybeans were down 4-1/4 at $8.86-3/4, and December soft red winter wheat up ¼ at $5.17.

Soymeal export sales were 275, 500 metric tons and were led by Mexico, Canada and unknown destinations. The soymeal crop year began Oct. 1 and 329,900 metric tons of outstanding sales were carried over from the 2014/2015 crop year. New-crop sales of 200 tons went to Mexico.

Sorghum sales of 157,480 bushels were led by Venezuela, China and Indonesia.

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