USDA Weekly Export Sales

For the first time in ages the USDA's weekly export sales report beat trade expectations for all three of the main commodities: corn, beans and even wheat.

Corn sales came in at 1,610,400 MT, plus a very small 400 MT sale of 2010/11, against expectations of 650,000 - 1,000,000 MT. Soybean sales were 929,600 MT for the current MY plus a further 61,000 MT for 2010/11 (expected: 750-950,000 MT). Wheat sales were 825,800 MT for old crop, a marketing year high, plus a further 60,500 MT for delivery in 2010/11 (expected 250-350,000MT).

China is still around, taking 700,400 MT of this week's soybeans, actual exports of beans were also pretty robust again at 1,546,600 MT, with 859,600 MT pf that headed for China.

Corn exports of 835,900 MT were up 27 percent from the previous week and 22 percent from the prior 4-week average.

The Philippines (187,600 MT), unknown destinations (113,300 MT) and Nigeria (107,100 MT) were the main wheat buyers. Actual exports of 316,600 MT were just so so.