USDA Weekly Export Sales

Today's USDA weekly export sales report shows net wheat sales of 660,700 MT for delivery in 2009/10, plus net sales of 28,500 MT for delivery in 2010/11. Sales were therefore a little ahead of trade expectations which were for sales of 450,000 to 650,000 MT. China popped up as a surprise buyer of 50,000 MT. Weekly shipments were 424,800 MT, still a little behind the 500,000 MT required to meet the USDA's target for the current marketing year.

Corn sales were 902,300 MT, all for delivery in 2009/10. The leading buyers were unknown (278,000 MT), South Korea (186,300 MT) and Egypt (110,300 MT). Trade estimates ranged between 800,000 and 1,050,000 MT, last week's sales were 1,610,800 MT. Exports of 531,800 MT were down 36 percent from the previous week and 33 percent from the prior 4-week average. The primary destinations were Japan (215,500 MT) and Mexico (111,800 MT).

Soybean sales came in at 673,500 MT for delivery in 2009/10 and a further 183,600 MT for delivery in 2010/11, making 857,100 MT in all. Trade estimates ranged from 700,000 to 900,000 MT. Last week's sales were 990,500 MT. China was the top buyer taking 280,800 MT of old crop and 175,000 MT of new crop. Exports of 1,394,100 MT mostly went to China (875,400 MT).