Market News

Weekly soybean sales continue strong

It was another mixed week for grain and oilseed export sales. According to the USDA, sales of corn, soybeans, soybean meal, soybean oil and wheat for the week ending April 9were all within pre-report estimates. ADM's Dan Zwicker called export sales for soybeans very strong.

Wheat came out at 121,500 tons (4.5 million bushels), down 36% from the week ending April 2 and 49% lower than the four week average. The biggest buyer was Iran (60,000tons). For the 2008/09 marketing year to date, wheat sales are 944.7 million bushels, compared to 1.231 billion in 2007/08. Sales of 189,000 tons (6.9 million bushels) for 2009/10 delivery were mostly to unknown destinations (126,000 tons).

Corn was reported at 879,600 tons(34.6 million bushels), 17% less than the prior week and 11% below the four week average. The top purchaser was Japan at 303,100 tons. So far this marketing year, corn sales are 1.374 billion bushels, compared to 2.160 billion a year ago. Sales of 149,800 tons (5.9 million bushels) for 2009/10delivery were primarily to unknown destinations (116,000 tons).

Soybeans were placed at 808,300 tons, up 87% from the week before and double the four week average. A little more than half of the total was picked up by China (405,800 tons). Soybeans remain the only majorgrain and oilseed commodity ahead of the year ago pace, with 2008/09 sales at 1.115 billion bushels compared to 1.035 billion bushels this time last year.

Soybean meal was pegged at 167,200 tons, 95% higher than the prior week and 82% more than the four week average. The topbuyer was Mexico (28,200 tons). Cumulative sales for the marketing year are 5,076,100 tons, compared to 5,747,300 a year ago.

Soybean oil was reported at 14,700 tons with a sale to India (30,000 tons) helping to offset a handful of cancellations, including 20,000 tons byunknown destinations. 2008/09 soybean oil sales are 530,000 tons, compared to 901,900 in 2007/08.

Net beef sales totaled 3,500 tons. The reported purchasers were Canada (1,100 tons), Mexico (1,000 tons), Taiwan (500 tons) and Vietnam (400 tons).