Market News

Weekly corn sales better than expected

It was a mixed week for grain and oilseed export sales. According the USDA, combined old and new crop corn and beanmeal sales for the week ending May 21 were larger than expected, while soybeans were below estimates and bean oil and wheat fell within projections. Dan Zwicker of ADM called export sales “very strong” for corn and “a little disappointing” for beans and wheat.

Wheat was reported at 103,900 tons (3.8 million bushels), up quite a bit from the week ending May 14 but down 20% from the four week average. The top purchaser was Japan (66,200 tons). Rapidly approaching the end of the 2008/09 marketing year, wheat sales are 975.2 million bushels, compared to1.244 billion in 2007/08. Sales of 228,200 tons (8.4 million bushels) for 2009/10 delivery were largely to Nigeria.

Corn came out at 756,200 tons (29.8 million bushels), 11% higher than the prior week but 12% lower than the four week average. The big buyers were Taiwan at175,700 tons and Japan with 175,400 tons. At this point in the 2008/09 marketing year, corn sales are 1.587 billion bushels, compared to 2.286 billion a year ago. Sales of 267,200 tons (10.5 million bushels) for 2009/10 delivery were mostly to South Korea (116,000 tons).

Soybeans were pegged at 237,400 tons (8.7 million bushels), 65% less than the previous week and 63% below the four week average. The largest single purchaser was Mexico (61,700 tons). For the current marketing year to date, soybean sales are 1.240 billion bushels, compared to 1.092 billion in2007/08. Sales of 227,000 tons (8.3 million bushels) were to China (118,000 tons) and unknown destinations (109,000 tons).

Soybean meal was placed at 193,900 tons, 8% lower than the week before and down 14% from the four week average. The primary buyer was Egypt (56,800tons). So far this marketing year, bean meal sales are 6,273,900 tons, compared to 6,446,000 a year ago. Sales of 173,200 tons for 2009/10 delivery were mostly to unknown destinations (115,000 tons).

Soybean oil came out at 5,300 tons, mainly to Jamaica (3,000 tons). 2008/09bean oil sales are 682,500 tons, compared to 1,004,600 in 2007/08.

Net beef sales totaled 11,700 tons. The reported buyers were Mexico (4,500 tons), Vietnam (2,100 tons), Canada (1,500 tons) and Japan (900 tons).

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