Market News

Another good week for corn export sales

It was a generally good week for grain and oilseed export sales. USDA states corn and wheat sales for the week ending June 10 were larger than pre-report projections, while soybean meal and oil were within expectations. Old crop soybeans had a net reduction, but new crop sales were strong. Shipments of corn, soybeans and wheat were less than what’s needed weekly to meet USDA projections for the marketing year.

Wheat came out at 959,500 tons (35.3 million bushels), with the leading buyer Mexico at 196,300 tons. Fairly early in the 2010/11 marketing year, wheat sales are 188.6 million bushels, compared to 138.0 million early in 2009/10.

Corn was reported at 1,090,400 tons (42.9 million bushels), up 7% from the week ending June 3 and 21% higher than the four week average. South Korea was the top purchaser at 156,800 tons. At this point in the 2009/10 marketing year, corn sales are 1.848 billion bushels, compared to 1.669 billion in 2008/09. Sales of 136,500 tons (5.4 million bushels) for 2010/11 delivery were mostly to Costa Rica (96,000 tons).

Old crop soybeans had a net reduction of 136,300 tons (5.0 million bushels) following a cancellation on 270,100 tons by Japan. For the marketing year to date, soybean sales are 1.422 billion bushels, compared to 1.243 billion this time last year. Sales of 452,100 tons (16.6 million bushels) for 2010/11 delivery were mainly to China (350,000 tons).

Soybean meal was pegged at 84,100 tons, 69% more than the previous week and 37% above the four week average. Venezuela was the leading buyer at 29,000 tons. So far this marketing year, soybean meal sales are 8,840,600 tons, compared to 6,579,700 a year ago. Sales of 46,000 tons for 2010/11 delivery were primarily to Canada (27,900 tons).

Soybean oil hit a new marketing year high at 87,100 tons following sales of 80,000 tons to China. 2009/10 soybean oil sales are 1,291,000 tons, compared to 714,900 in 2008/09.

Net beef sales totaled 10,400 tons. That’s an increase of 61% from the week before but a decrease of 13% from the four week average. The listed buyers were South Korea (2,500 tons), Canada (2,100 tons), Mexico (2,100 tons), Japan (1,600 tons) and Hong Kong (1,000 tons).