Strong Corn, Soybean Export Sales.
Thursday morning's (June 13) USDA weekly export sales report showed stronger-than-expected sales of both U.S. corn and soybeans during the week ended June 6, while wheat sales remained weak.
USDA pegged total U.S. corn sales for the week at 56.7 million bushels, including sales of 4.2 million bushels for 2002-2003 delivery. That compared with trade expectations for sales of 25.5-33.5 million bushels.
The weekly corn sales total was 32% over the four-week average, driven by active Japanese buying. The no. 1 customer for U.S. corn bought about 17.25 million bushels on the week.
For the marketing year to date, U.S. corn export sales are running about 1.6% ahead of a year earlier. Actual corn shipments are now running 4.6% ahead of a year earlier after solid weekly shipments of 41.7 million bushels.
USDA pegged weekly soybean sales at 18.2 million bushels, including sales of 700,000 bushels for 2002-2003 delivery. That compared with trade expectations for sales of 7.5-15 million bushels.
The weekly sales total was 47% over the four week average. Japan was the leading buyer of U.S. soybeans for the week, taking almost 4.7 million bushels, but USDA also confirmed that China bought another 3.56 million bushels.
For the marketing year to date, U.S. soybean export sales commitments reached 1.055 billion bushels, 8% above a year earlier. Strong weekly soybean shipments of 19.6 million bushels pushed yearly soybean shipments to 961.4 million bushels, or 7.1% above a year earlier.
USDA pegged wheat export sales for the week ended June 6 at 11.4 million bushels, which was in line with trade expectations.
U.S. 2002-2003 wheat export sales commitments of 123.6 million bushels are 5 million bushels above a year earlier.
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.