Huge Soybean Export Sales
U.S. soybean export sales continued their recent surge, hitting 48.5 million bushels during the week that ended Oct. 11, according to USDA’s weekly export sales report. But weekly corn and wheat sales were lackluster.
The weekly soybean sales total was nearly double the top end of trade expectations. For 2001-2002 to date, U.S. soybean export commitments are now running 11.1% ahead of a year earlier.
USDA also confirmed the return of China to the export market, reporting sales of about 2.2 million bushels to China during the week ending Oct. 11. USDA also reported sales to unknown destinations of nearly 13.4 million bushels, many of which could be headed to China.
USDA pegged weekly corn export sales at 32.9 million bushels, which was near the low end of trade expectations. For the marketing year to date, corn export sales commitments are now running 9% behind last year’s slow pace.
Wheat export sales were also slow, with USDA reporting net commitments for the week of 15.6 million bushels. That was in line with trade expectations, but well below the pace needed to hit USDA’s 2001-2002 export sales projection.
Wheat export commitments for 2001-2002 to date are running 7.1% behind a year earlier and 23.4% behind the five-year average for this point of the marketing year.
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