Tweet Post to Your Wall.

Wheat And Soybean Sales Active

Cautious buying was seen before last week's USDA reports, with good but not great demand posted for wheat and soybeans.

Wheat sales totaled almost 30 million bushels in the latest week, 50% higher than trade guesses and well above the weekly rate needed to be sold every week for the rest of the market year to meet USDA's forecast. Egypt, the world's largest importer, led the list of takers, with included a variety of customers from Asia, Africa and the Americas. Brazil picked up 1.5 million bushels, suggesting supplies are still limited in neighboring Argentina.

While soybean sales were down from last week's huge numbers, the total hit almost 35 million bushels, doubling the rate forecast by the government and beating trade guesses. China remains the biggest buyer, taking almost two-thirds of the totals. Shipments are also beginning to pick up as more new crop beans hit the export pipeline. Commitments are way ahead of schedule, thanks to record sales, but shipments are a little slow.

Corn sales were a bit sluggish this week, just under 25 million bushels. South Korea, an active buyer this week, was slow, with Syria leading the list of deals. Shipments fared better thanks to an active harvest, with the total for the week beating the rate forecast by USDA for the rest of the marketing year. Both sales and shipments are ahead of the normal pace.

USDA brightened the mood for corn after the weekly report came out, by announcing the sale of 32.4 million bushels to Mexico under its daily reporting system for large purchases. Two thirds of the sale are for 2010 corn, with the rest for the 2011 crop.

USDA also announced the sale of 110,000 tons of soybean meal to South Korea.

For the complete export report, click HERE.