USDA Reveal Another Week Of Large Soybean Sales

Posted by Nogger - a legend in his own mind at 13:59 | Categorized as

31/01/13 -- The USDA's eagerly awaited weekly export sales report is out, giving us another monster set of soybean sales to China. Total old crop soybean sales were 386 TMT, along with a further 867 TMT of new crop, making a combined 1.25 MMT in total sales for the week through to Jan 24. That comfortable exceeds trade expectations for sales of 6-900 TMT.

China took 292 TMT of the old crop and 694 TMT of the new crop. Exports were in excess of 1 MMT once again, now for a record eighteen weeks in a row. The whole lot brings total 2012/13 shipments plus outstanding sales to 33.4 MMT, which is over 91% of the USDA's target for the season and we aren't even halfway through the marketing year yet. Yikes!

Old crop soybean sales now only need to average little more than 100 TMT/week to hit that USDA projection.

On top of that, the USDA have just announced the sale of 220 TMT of US soybeans for 2013/14 to you know who under the daily reporting system. They also bought 175 TMT of the same yesterday and 220 TMT on Monday

Corn sales were a relatively insipid 187 TMT of old crop and 66,500 MT of new crop, at the low end of even the modest trade expectations of 2-400 TMT. Shipments plus outstanding sales are 13.5 MMT, 52% of the USDA target for the season.

Old crop corn sales need to be in excess of 400 TMT/week to match the USDA's estimate for 2012/13.

Wheat sales were a bit disappointing at a combined 388 TMT (of which 293,600 MT was old crop) versus expectations of 3-550 TMT. Shipments plus outstanding sales are now 70% of the USDA target, although note that the wheat marketing year starts earlier for wheat than it does for corn or soybeans.

Old crop wheat sales now need to be around 490 TMT to reach the USDA's target for this marketing year.