Market News

A solid week for corn and soybean exports

It was a mostly solid week for grain and oilseed export sales. According to the USDA, soybean meal sales for the week ending July 16 were larger than expected while corn, soybeans and wheat were within pre-report estimates and bean oil was below projections.

Wheat came out at 342,300 tons (12.6 million bushels), down 19% from the week ending July 9. A little less than a third of the total was bought by Japan (94,600 tons). For the 2009/10 marketing year to date, wheat sales are 209.9 million bushels, compared to 412.4 million fairly early in 2008/09.

Corn was reported at 757,600 tons (29.8 million bushels), 8% higher than the previous week but 8% lower than the four week average. The leading purchaser was Japan (460,000 tons) followed by South Korea (145,400 tons). Nearing the end of the 2008/09 marketing year, corn sales are 1.828 billion bushels, compared to 2.403 billion towards the finish of 2007/08. Sales of 557,100 tons (22.7 million bushels) for 2009/10 delivery were mostly to unknown destinations (256,100 tons) and South Korea (156,000 tons).

Soybeans were placed at 320,000 tons (11.8 million bushels), considerably larger than the prior week and the four week average. China picked up 157,600 tons, but also canceled on 110,400 tons. With a little more than a month left in the marketing year, soybean sales are 1.278 billion bushels, compared to 1.138 billion late last year. Sales of 382,000 tons (14.0 million bushels) for 2009/10 delivery were mostly to unknown destinations (197,000 tons).

Soybean meal was pegged at 157,600 tons, up substantially from the week before and the four week average. The top buyer was Canada at 55,000 tons. So far this marketing year, bean meal sales are 6,875,100 tons, compared to 7,354,500 tons a year ago. Sales of 35,100 tons for 2009/10 delivery were mostly to Panama (20,300 tons).

Soybean oil came out at 17,500 tons, 64% less than the previous week but 9% more than the four week average. The bulk of the total was picked up by unknown destinations (10,000 tons). 2008/09 soybean oil sales are 796,600 tons, compared to 1,088,700 in 2007/08. USDA reported a net reduction of 6,000 tons for 2009/10.

Net beef sales totaled 8,900 tons. The reported purchasers were Japan (3,900 tons), Canada (1,800 tons), Mexico (1,200 tons), South Korea (700 tons), Taiwan (700 tons) and Vietnam (200 tons).