USDA Weekly Export Sales
In the USDA's weekly export sales report for the period January 22-28, Washington reported soybean sales of only 381,500 MT for delivery in 2009/10 - a marketing-year low. China took 262,500 MT of that, noticeably less than they have been booking of late. There was also a small sale of 3,100 MT for delivery in 2010/11. That leaves this week's sales at 384,600 MT, well below trade estimates ranging from 650,000 to 800,000 MT
Corn sales came in as expected at 923,200 MT for delivery in 2009/10 plus a small 3,000 MT sale for next season's crop. That compares with pre-report estimates for sales of 750,000 to 1,000,000 MT.
Wheat sales also came in in line with estimates of between 350,000 to 550,000 MT at 418,200 MT for delivery in 2009/10, plus a further 64,500 MT for delivery in 2010/11.
On the actual export front 1,275,000 MT of soybeans were shipped out during the week, with China (865,500 MT) the main destination. Corn shipments were 1,123,000 MT and wheat exports 449,500 MT.
Whilst the soybean sales were disappointing, they don't need to be large to meet current USDA targets. Wheat sales continue to show signs of improvement, although they certainly need to. Based on current export levels the USDA's 2009/10 MY target of 22.5 MMT may be a little ambitious.
Corn sales came in as expected at 923,200 MT for delivery in 2009/10 plus a small 3,000 MT sale for next season's crop. That compares with pre-report estimates for sales of 750,000 to 1,000,000 MT.
Wheat sales also came in in line with estimates of between 350,000 to 550,000 MT at 418,200 MT for delivery in 2009/10, plus a further 64,500 MT for delivery in 2010/11.
On the actual export front 1,275,000 MT of soybeans were shipped out during the week, with China (865,500 MT) the main destination. Corn shipments were 1,123,000 MT and wheat exports 449,500 MT.
Whilst the soybean sales were disappointing, they don't need to be large to meet current USDA targets. Wheat sales continue to show signs of improvement, although they certainly need to. Based on current export levels the USDA's 2009/10 MY target of 22.5 MMT may be a little ambitious.
