USDA Weekly Export Sales/Shipments

Export Sales

For the period June 19-25, 2009 the USDA report weekly export sales as follows:

For soybeans old crop net sales were 193,500 MT were up noticeably from the previous week and from the prior 4-week average. You guessed it, China was the largest home taking 68,600 MT. For new crop we got net sales of 250,100 MT, of that the top two homes were? Can you guess? That's right, unknown destinations (125,000 MT) and China (120,000 MT). That gives us combined weekly sales of 443,600 MT against pre-report estimates of 125-400,000 MT.

For corn the USDA reported old crop net sales of 1,155,100 MT - up 68 percent from the previous week and 67 percent from the prior 4-week average. New crop net sales came in at 117,000 MT for a combined total of 1,272,100 MT, well above pre-report estimates of 550-850,000 MT.

For wheat of course we are already in the new crop marketing year, getting net sales of of 241,900 MT, against expectations of 250-350,000 MT.

Whilst the soybean sales were only just outside the range of estimates, I don't think that anyone expected old crop to make up almost half the total. And of course, yet again China are still here booking old crop as well as new crop. What are they doing? Turning their dollar reserves into commodities that's what. With $1.95 trillion of their foreign exchange reserves in US dollars, there's a fair bit still left to go at!

Corn sales were very strong yet again, with Japan, South Korea, Egypt and Taiwan all booking six figure quantities. I wouldn't mind the brokerage on that.

Wheat was, as wheat is, ho hum steady away.


On the actual shipped front, 387,100 MT of soybeans departed US shores last week, where were they headed? It begins with a C. They eat a lot of rice. No, not Colchester. I'm starting to feel a bit like Caroline Ahern on the Fast Show doing the Scorchio! sketch here. Yes our Far Eastern chums took 188,600 MT of soybeans last week, they probably didn't need them but they're better than dollars right now, especially with temperatures hitting 113 degrees F in the north of the country's soybean belt this week.

For corn, exports came in at 742,500 MT, mostly to Japan, Taiwan, South Korea, Mexico and Egypt.

Wheat exports were 366,700 MT. The primary destinations being Yemen (55,000 MT), South Korea (48,400 MT), Nigeria (39,000 MT), Indonesia (33,000 MT), Ecuador (32,000 MT), and Colombia (29,100 MT).