USDA Report More Huge Soybean Sales

07/02/13 -- The USDA's weekly export sales report showed no sign of a let up in demand for soybeans, with sales of nearly 1.7 MMT (for both old and new crop combined) comfortably exceeding trade expectations for sales of 800 TMT to 1.3 MMT.

The numbers included almost 900 TMT of old crop soybeans and highlighted weekly shipments of 1.55 MMT (in excess of 1 MMT for a record nineteen weeks in a row) That now means that the US has now shipped 27.3 MMT of soybeans already this marketing year, with a further 6.9 MMT on the books, taking total commitments to 34.2 MMT, or 93.5% of the USDA's target for the entire season. Meanwhile, Agritel are today reporting shipping delays of two months out of Brazil already.

In addition to these numbers, the USDA also reported sales of 120 TMT of optional origin new crop soybeans to China. The word insatiable and China are frequently used in the same sentence, and in the case of soybeans not without justification.

Wheat export sales of just over 300 TMT were almost exclusively old crop, versus expectations for sales of 200-500 TMT. Corn sales were pants yet again at 169 TMT of old crop and net reductions of 8,500 MT for new crop. Expectations for corn were 150-400 TMT.