USDA Weekly Export Sales - More Chinese Business

The USDA's weekly export sales report for the period ended July 16 revealed yet more soybean sales to China, for both old and new crop. Sales were also very robust for corn and pretty decent for wheat too.

Old crop soybean sales of 320,000 MT were up noticeably from the previous week and almost double the prior 4-week average, it said. The main homes were China (157,600 MT) and Mexico (115,300 MT). Sales of 382,000 MT for 2009/10 delivery were primarily for unknown destinations (197,000 MT) and China (115,000 MT). That's combined sales of 702,000 MT against pre-report estimates of 450,000 - 650,000 MT.

Corn sales were 757,600 MT of old crop, mainly for Japan (460,000 MT) and South Korea (145,400 MT). New crop sales of 577,100 MT were primarily for unknown destinations (256,100 MT) and South Korea (156,000 MT). That's combined sales of 1,334,700 MT against pre-report estimates of 800,000 - 1,200,000 MT.

Wheat sales were 342,300 MT, mainly Japan (94,600 MT), Nigeria (77,800 MT) and Mexico (57,200 MT). Pre-report estimates were 300,000 to 500,000 MT.

Actual export shipments themselves during the week were 436,800 MT for wheat, up noticeably from the previous week; 921,500 MT for corn, down 5 percent from the previous week; 283,000 MT for beans, down 27 percent from the previous week.