US corn export sales last week bested trade expectations, with buyers in top markets like Japan and South Korea booking supplies amid a 3% drop in futures prices, according to data and traders on Thursday (Apr 29).

 

USDA data showed that corn export sales in the week ended April 22 totalled 1.43 million tonnes, for both old and new crop supplies.

 

Traders polled by Reuters had expected sales to range between 900,000 and 1.2 million tonnes.

 

"Exports were pretty good for everything, so there should be no change in the (CBOT futures) calls. Everybody is talking about the possibility of more corn sales to China," a CBOT trader said.

 

Sales of 115,000 tonnes of US corn to China, the first in nearly four years, announced by USDA on Wednesday (Apr 28) will show up in next week's export sales report.

 

China, the world's second largest corn producer and consumer, is expected to buy another 250,000-300,000 tonnes of US corn to put a lid on rising domestic prices.

 

Corn export sales for last week, however, were still lower than the previous week's total of 1.48 million tonnes.

 

Chicago Board of Trade corn futures <Cc1> fell 3% last week as farmers planted their corn crop at a record pace. As of Sunday (Apr 25), they had planted half the crop.

 

USDA pegged weekly export sales of old and new crop soy at 792,100 tonnes, on the low end of expectations for 700,000 to one million tonnes but above the previous week's 368,600 tonnes.

 

The data showed that China, the world's top soy importer, cancelled purchases of 157,900 tonnes of old-crop soy.