Market News

A strong week for corn, soybean and bean product exports

Weekly export sales werepretty solid for corn, soybeans and soybean products. According to the USDA, soybean meal and oil sales for the week ending April 23 were larger than anticipated, while soybeans and corn were towards the high end of estimates. Wheat sales were below all expectations. ADM analyst Dan Zwicker calledthe report “very strong.”

Wheat came out at 142,400 tons (5.2 million bushels), down 39% from the week ending April 16 and 31% lower than the four week average. The top buyer was Yemen at 55,000 tons with a number of smaller sales making up the majority of theweekly report. At this point in the 2008/09 marketing year, wheat sales are 958.5 million bushels, compared to 1.243 billion in 2007/08. Sales of 108,800 tons (4.0 million bushels) for 2009/10 delivery were mostly to Mexico (48,500 tons).

Corn was reported at 1,225,200 tons(48.2 million bushels), up 1% from the previous week and 11% higher than the four week average. The primary purchasers were Japan (320,400 tons), South Korea (273,600 tons) and unknown destinations (269,000 tons). For the current marketing year to date, corn sales are 1.470 billion bushels, comparedto 2.212 billion a year ago. Sales of 116,000 tons (4.6 million bushels) for 2009/10 delivery were to unknown destinations.

Soybeans were placed at 834,600 tons (30.7 million bushels), 35% above the week before and 36% larger than the four week average. The top buyer wasChina at 468,400 tons, followed by unknown destinations (165,100 tons) and Mexico (108,100 tons). So far this marketing year, soybean sales are 1.168 billion bushels, compared to 1.060 billion this time last year. Sales of 335,500 tons (12.3 million bushels) for 2009/10 deliver were mostly tounknown destinations (120,000 tons).

Soybean meal sales were a marketing year high at 293,000 tons. The biggest purchaser was unknown destinations (70,400 tons). Cumulative sales for the current marketing year are 5,477,400 tons, compared to 5,946,800 tons a year ago.

Soybean oil was pegged at 31,100 tons, with a little less than half going to unknown destinations (15,000 tons). 2008/09 soybean oil sales are 618,900 tons, compared to 935,800 in 2007/08.

Net beef sales totaled 6,200 tons. The reported purchasers wereMexico (3,500 tons), Canada (1,200 tons), Japan (800 tons) and Taiwan (700 tons).