USDA Soybean Export Sales Top Expectations

06/07/12 -- The USDA's weekly export sales came in miles above trade expectations of 400-650 TMT for soybeans at a combined 1.76 MMT. Of that total almost 300 TMT was old crop with the remaining 1.46 MMT new crop.

As ever, China took the lion's share of the old crop whilst unknown/China booked all of the new crop. To top that impressive performance off, the USDA also today reported the sale of 120,000 MT of old crop soybeans to China under the daily reporting system.

Corn sales meanwhile were a paltry 19,300 MT of old crop, a marketing-year low, plus only 134,200 MT of new crop making a combined 153,500 MT - below even the fairly low expectations of 200-500 TMT.

There are unconfirmed rumours around of Brazilian corn being shipped to the US due to price differentials and tightness in availability of old crop US corn. Stories also abound of a possible lowering of the US ethanol mandate, which would further impact on corn demand if it turns out to be true.

Weekly wheat export sales meanwhile were in line with trade expectations of 300-450 TMT at 418,900 MT.