USDA Export Sales: China Have Not Left The Building

Today's USDA weekly export sales report confirms that China are still buying US soybeans, putting further pressure on already tight US soybean stocks.

For the period May 1-7, 2009 export sales came in as:

Soybeans: 401,900 MT old crop and 353,000 MT of new crop. China took 132,300 MT old and 178,000 MT new. Expectations were for sales of 650-750,000 MT old & new combined.

Corn: 936,800 MT old crop and 246,000 MT new crop against expectations of 800k-1 MMT combined.

Wheat: just 102,600 MT old crop and 131,500 MT new crop. Expectations were for 250-400,000 MT.

Actual exports for the week were 442,200 MT for soybeans, with 176,000 MT heading for China. Corn exports were record large for the current marketing year at 1,272,300 MT. Wheat exports were so-so at 311,100 MT.

The bean sales were solid, and the continued presence of China will undoubtedly add underlying support. Corn sales were robust yet again, wheat sales continue to disappoint. Record large corn exports are impressive at this stage in the campaign.