Market News

A strong week for corn, soybean and bean product exports

It was a strong week for corn, soybean and soybean product export sales. According to the USDA, corn and soybean meal sales for the week ending May 7 were larger than expected, while soybean and soybean oil were towards the high end of estimates. Wheat sales were towards the low endof pre-report projections.

Wheat was reported at 102,600 tons (3.8 million bushels), down 60% from the week ending April 30 and 45% lower than the four week average. The top buyer was Japan at 58,300 tons. At this point in the 2008/09 marketing year, wheat sales are 971.6million bushels, compared to 1.253 billion in 2007/08. Sales of 131,500 tons (4.8 million bushels) for 2009/10 delivery were mostly to Yemen at 58,000 tons.

Corn came out at 936,800 tons (36.9 million bushels), 59% more than the previous week but 4% less than the four weekaverage. The majority of the total was picked up by Japan with 455,700 tons. So far this marketing year, corn sales are 1.530 billion bushels, compared to 2.247 billion this time last year. Sales of 246,000 tons (9.7 million bushels) for 2009/10 delivery were primarily to unknown destinations(176,000 tons).

Soybeans were placed at 401,900 tons (14.8 million bushels), 39% under the prior week and 45% below the four week average. Mexico bought 153,700 tons and China picked up 132,300 tons. For the marketing year to date, soybean sales are 1.207 billion bushels,compared to 1.069 billion a year ago. Sales of 353,000 tons (13.0 million bushels) for 2009/10 delivery were split between China (178,000 tons) and unknown destinations (175,000 tons).

Soybean meal came out at 260,100 tons, 92% higher than the week before and 48% above thefour week average. The biggest single purchaser was Turkey at 61,200 tons. Cumulative soybean meal sales for the current marketing year are 5,872,900 tons, compared to 6,184,500 this time last year. Sales of 78,700 tons for 2009/10 delivery were mainly to Turkey (63,000 tons).

Soybean oil was reported at 20,200 tons, mostly to the Dominican Republic (18,000 tons). 2008/09 soybean oil sales are 673,700 tons, compared to 958,500 in 2007/08.

Net beef sales totaled 8,700 tons. The reported buyers were Mexico (3,200 tons), Canada (2,700 tons),Japan (1,100 tons), Hong Kong (900 tons) and Taiwan (700 tons).