Market News

Weekly corn sales top 1 million tons

It was a fairly solid week for grain and oilseed export sales. According to the USDA, corn, soybean and soybean oil sales for the week ending June 25 were larger than expected, while wheat and soybean meal sales were within pre-report estimates. Dan Zwicker, analyst at ADM, told Brownfield the numbers were “pretty good.”

Wheat came out at 241,900 tons (8.9 million bushels), down 34% from the week ending June 18. The top buyer was Mexico at 56,500 tons. Slightly less than a month into the 2009/10 marketing year, wheat sales are 160.4 million bushels, compared to 339.8 million pretty early in 2008/09.

Corn was reported at 1,155,100 tons (45.5 million bushels), up 68% from the previous week and 67% higher than the four week average. A number of purchasers picked up more than 100,000 tons with the top buyer Japan at 369,600 tons; unknown destinations canceled on 67,500 tons. At this point in the 2008/09 marketing year, corn sales are 1.741 billion bushels, compared to 2.362 billion in 2007/08. Sales of 117,000 tons (4.6 million bushels) for 2009/10 delivery were mostly to South Korea (58,000 tons).

Soybeans were pegged at 193,500 tons (7.1 million bushels), above both the prior week and the four week average. China was the leading buyer at 68,600 tons and unknown destinations canceled on 85,000 tons. For the current marketing year to date, soybean sales are 1.251 billion bushels, compared to 1.126 billion this time last year. Sales of 250,100 tons (9.2 million bushels) for 2009/10 delivery were mostly to unknown destinations (125,000 tons) and China (120,000 tons).

2008/09 soybean meal had a net reduction of 23,000 tons following a cancellation by unknown destinations (78,800 tons). So far this marketing year, bean meal sales are 6,636,400 tons, compared to 7,150,900 a year ago. Sales of 303,800 tons for 2009/10 delivery were primarily to unknown destinations (220,000 tons).

Soybean oil hit a marketing year high at 69,400 tons, mainly to unknown destinations (64,000 tons). 2008/09 soybean oil sales are 791,200 tons, compared to 1,056,100 in 2007/08. Sales of 1,200 tons for 2009/10 delivery were to Mexico.

Net beef sales totaled 8,100 tons. The reported buyers were Mexico (3,000 tons), Hong Kong (1,200 tons), Japan (1,000 tons) and Canada (800 tons).