US soy net export sales negative as corn posts above trade guesses

US net export sales for soybean in the week ending February 15 confounded the market by coming in negative on Friday, with corn marginally outstripping analyst estimates at 1.55m mt and wheat sold in line with trade guesses.

Soybean net sales were 109,000 mt for the week, as a cancelled sale of 455,000 mt to China offset additional sales to Turkey, Egypt and Mexico.

That was set against analysts’ expectations of 600,000 mt to 900,000 mt and front-month futures on the Board fell 5 cents immediately on the news.

Total commitments this season are now running at 44.8 million mt, well below the 52 million mt which was committed this time last year.

US corn sales were down 21% on the week to 1,555,400 mt, but still exceeded the expected range of 1 million-1.5 million mt.

Trade with South Korea saw the biggest increase of 273,100 mt on the week with many tenders being filled.

Total commitment so far this marketing year is 37.5 million mt, down significantly from 42.7 million mt that was committed at this time last year.

There were little surprises with the USDA’s wheat exports at 328,900 mt, up 6% from the previous week and well within the expected range of 250,000–500,000 mt.