Market News

Fairly quiet, but still solid, week for export sales

It was a pretty solid week for grain and oilseed export sales. According to the USDA, soybean meal sales for the week ending June 18 were larger than expected and corn, soybeans, bean oil and wheat were within pre-report estimates.

Wheat came out at 368,300 tons (13.5 million bushels), up 37% from the week ending June 11. The top buyer was Nigeria at 127,600 tons. Very early in the 2009/10 marketing year, wheat sales are 151.5 million bushels, compared to 315.3 million towards the beginning of 2008/09.

Corn was reported at 686,400 tons (27.0 million bushels), down 11% from the previous week and 3% lower than the four week average. The main purchaser was Japan with 373,200 tons. With less than a quarter left in the 2008/09 marketing year, corn sales are 1.696 billion bushels, compared to 2.350 billion late in 2007/08. Sales of 250,300 tons (9.9 million bushels) for 2009/10 delivery were mostly to unknown destinations (76,200 tons).

Soybeans were placed at 28,000 tons (1.0 million bushels), 81% less than the prior week and 62% below the four week average. There were a handful of small purchases all mostly offset by a cancellation from unknown destinations (129,000 tons). Also with less than a quarter left in the current marketing year, soybean sales are 1.244 billion bushels, compared to 1.109 billion a year ago. Sales of 215,400 tons (7.9 million bushels) for 2009/10 delivery were mostly to Mexico (67,400 tons).

Soybean meal came out at 79,600 tons, 15% under the week before and down 36% from the four week average. There were a number of small purchases nearly offset by a couple of cancellations. For the current marketing year to date, soybean meal sales are 6,659,300 tons, compared to 6,992,700 this time last year. Sales of 228,800 tons for 2009/10 delivery were mostly to unknown destinations (223,000 tons).

Soybean oil was pegged at 6,900 tons, mainly to Taiwan (6,000 tons). 2008/09 soybean oil sales are 721,700 tons, compared to 1,050,100 at this point in 2007/08.

Net beef sales totaled 10,100 tons. The reported buyers were Mexico (4,900 tons), Canada (1,600 tons), Japan (900 tons) and Taiwan (700 tons).