USDA Reports Impressive Weekly Export Sales

The USDA reported impressive weekly export sales across the full range of the grains sector Friday.

Soybeans had another strong week with net sales of 1,324,800 MT for MY 2008/09, against trade expectations of 750-950,000 MT.

Corn sales came in at 1,086,100 MT for MY 2008/09 - a marketing-year high - compared to trade ideas of 400-600,000 MT.

Wheat sales have been lagging recently, but they also came in above expectations at 410,300 MT vs the 150-350,000 MT anticipated.

For the record soymeal sales were 210,800 MT, compared to 75-150,000 MT expected. Soyoil was withing range at 7,500 MT.

In addition to these positive numbers the USDA also reported fresh sales today of 145,000 MT soybeans to China and 102,616 MT of corn to Japan.