Market News

Fairly quiet but solid week for grain and oilseed exports

When compared to recent weeks, it was a fairly quiet week for grain and oilseed exports. According to the USDA, soybean, bean meal and wheat sales for the week ending April 30were within pre-report estimates, while soybean oil was larger than expected. Corn was below projections, but the total was still more than what's needed weekly to meet the USDA's estimate for the marketing year.

Wheat was reported at 254,700 tons (9.4 millionbushels), up 74% from the week ending April 23 and 49% higher than the four week average. The top buyer was Japan at 71,700 tons. At this point in the 2008/09 marketing year, wheat sales are 967.9 million bushels, compared to 1.249 billion in 2007/08. Sales of 131,600 tons (4.8 million bushels) for2009/10 delivery were mostly to the Philippines (78,100 tons).

Corn came out at 588,700 tons (23.2 million bushels), down 52% from the previous week and 46% lower than the four week average. The main purchaser was unknown destinations at 174,800 tons. So far this marketingyear, corn sales are 1.493 billion bushels, compared to 2.225 billion this time last year. Sales of 22,400 tons (900,000 bushels) for 2009/10 delivery were to Mexico.

Soybeans were placed at 654,400 tons (24.0 million bushels), 22% less than the week before and 3% under thefour week average. Just about a third of the total was bought by China (197,900 tons). For the marketing year to date, soybean sales are 1.192 billion bushels, compared to 1.061 billion a year ago. Sales of 121,000 tons (4.4 million bushels) for 2009/10 delivery were to unknown destinations (124,000tons), while Japan canceled on 3,000 tons.

Soybean meal was pegged at 135,400 tons, 54% below the prior week and down 17% from the four week average. The top buyer was unknown destinations (55,000 tons). Cumulative sales for the marketing year are 5,612,800 tons, compared to6,069,000 last year at this time. Sales of 60,100 tons for 2009/10 delivery were mostly to unknown destinations.

Soybean oil came out at 34,600 tons, with most of that to India (21,600 tons). Unknown destinations did cancel on 17,300 tons. 2008/09 bean oil sales are 653,500tons, compared to 947,700 in 2007/08.

Net beef sales totaled 7,600 tons. The listed purchasers were Mexico (2,300 tons), Canada (1,900 tons), Japan (1,500 tons) and South Korea (700 tons).