Market News

Corn export sales beat estimates

It was a mixed, but fairly good, week for grain and oilseed export sales. Corn, soybean meal and soybean oil sales for the week ending June 11 were above pre-report estimates, while soybeans and wheat were within expectations.Wheat came out at 268,800 tons (9.9 million bushels), mostly to Japan (61,700 tons) and Indonesia (58,000 tons). Unknown destinations did cancel on 54,500 tons. Less than a month into the 2009/10 marketing year, wheat sales are 138 million bushels, compared to 297 million early in 2008/09.

Corn was reported at 767,300 tons (30.2 million bushels), up 8% from the week ending June 4 and 11% higher than the four week average. The top buyers were Egypt and Japan, both picking up 139,000 tons. At this point in the 2008/09 marketing year, corn sales are 1.669 billion bushels, compared to 2.340 billion fairly late in 2007/08. Sales of 376,200 tons (14.8 million bushels) for 2009/10 delivery were mainly to South Korea (275,000 tons).

Soybeans were placed at 145,700 tons (5.4 million bushels). Sales to a handful of nations, including Mexico and China, offset cancellations by unknown destinations and Turkey. So far this marketing year, soybean sales are 1.243 billion bushels, compared to 1.119 billion this time last year. Sales of 105,000 tons (3.9 million bushels) for 2009/10 delivery were to China (60,000 tons) and unknown destinations (45,000 tons).

Soybean meal was pegged at 93,200 tons, 33% more than the prior week but 40% less than the four week average. The main buyer was Venezuela (52,400 tons) while unknown destinations cancelled on 71,800 tons. For the marketing year to date, soybean meal sales are 6,579,700 tons, compared to 6,958,200 a year ago. Sales of 108,900 tons for 2009/10 delivery were primarily to unknown destinations (60,000 tons).

Soybean oil came out at 21,600 tons, mostly to unknown destinations (19,000 tons). 2008/09 soybean oil sales are 714,900 tons, compared to 1,029,800 in 2007/08.

Net beef sales totaled 10,900 tons. The listed purchasers were Japan (5,200 tons), Canada (1,800 tons) and South Korea (1,100 tons).