Market News

Weekly corn and soybean sales each over 1 million tons

It was a fairlysolid week for grain and oilseed export sales. According to the USDA corn, soybean and soybean oil exports for the week ending April 16 were larger than expected, while wheat and soybean meal sales were within estimates. ADM analyst Dan Zwicker called the weekly numbers “excellent” andstated that the sales of new crop soybeans in particular were “very strong.”

Wheat was reported at 232,200 tons (8.5 million bushels), up 91% from the week ending April 9 and 8% higher than the four week average. The top buyer was Nigeria at 90,000 tons. 2008/09U.S. wheat sales are 953.3 million bushels, compared to 1.236 billion in 2007/08. Sales of 199,300 tons (7.3 million bushels) for 2009/10 delivery were mostly to Taiwan (86,400 tons).

Corn came out at 1,214,300 tons (47.8 million bushels), 40% above the prior week and 11%larger than the four week average. It was an extremely strong week for sales with large purchases made by unknown destinations (425,000 tons), Japan (317,000 tons), Mexico (141,000 tons) and South Korea (116,900 tons). At this point in the marketing year, corn sales are 1.422 billion bushels,compared to 2.190 billion a year ago. Sales of 69,500 tons (2.7 million bushels) for 2009/10 delivery were mostly to Guatemala (61,000 tons).

Soybeans were placed at 617,100 tons (22.7 million bushels), 24% less than the previous week but 9% more than the four week average.China was the biggest purchaser, picking up 186,300 tons. So far this marketing year, soybean sales are 1.137 billion bushels, compared to 1.048 billion this time last year. Sales of 824,200 tons (30.3 million bushels) for 2009/10 delivery were primarily to unknown destinations (582,000 tons) andChina (232,500 tons).

Soybean meal was reported at 108,300 tons, down 35% from the week before and 14% lower than the four week average. The top buyer was Mexico at 20,300 tons. For the marketing year to date, soybean meal sales are 5,184,500 tons, compared to 5,887,700 tonsa year ago.

Soybean oil came out at 57,800 tons, mostly to India (40,000 tons). 2008/09 soybean oil sales are 587,800 tons, compared to 926,900 in 2007/08.

Net beef sales totaled 8,700 tons. The reported buyers were Japan (3,900 tons), Mexico (2,900tons), Canada (1,100 tons) and Taiwan (500 tons).