Corn Sales Strong, Soybeans Disappoint
Thursday's USDA weekly export sales report showed stronger-than-expected sales of corn and wheat for the week ended Jan. 17, but net soybean commitments were a bit disappointing.
USDA pegged net weekly corn export sales commitments at 51.4 million bushels, versus trade expectations for 27.5-39.5 million. The total was more than double the four-week average for sales.
An increase in sales to Japan paced the improvement. Japanese buyers purchased almost 16.4 million bushels of U.S. corn on the week.
Net weekly wheat sales commitments were pegged by USDA at 24.5 million bushels, versus low trade expectations of 11-15 million bushels. Sales of 12.2 million bushels to Egypt paced the weekly total, which doubled the four week average for sales.
USDA reported net weekly soybean export commitments of 27.7 million bushels, versus trade expectations for 29.5-37 million. China was the leading buyer on the week, committing to purchase about 8.3 million bushels of U.S. soybeans.
The total was pulled down, though, by the cancellation of 5.78 million bushels in sales to unknown destinations. Those sales could possibly have been to China. There were rumors Wednesday of China either "washing out" or canceling U.S. soybean shipments.
Actual weekly export shipments of soybeans were very strong, however, at 38.5 million bushels. Soybean export shipments for the year to date are running 15.1% ahead of the year-earlier pace.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com. SMALL HEADLINE IMAGE TAG FOR RICHARD BROCK'S COLUMN Brock Online Notes