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Huge Week of Export Sales All Around

Traders anticipated USDA would report a big week of export sales, but their optimistic guesses were blown away by the numbers put out by the agency this morning. Sales of corn, soybeans and wheat were all huge, as shrinking world supplies shift demand back to the U.S.

The corn totals were the real surprise, hitting a stunning 113.7 million bushels.  With just two weeks left in the 2009 crop marketing year, buyers are still booking old crop corn, 23.4 million bushels - in itself a good number most weeks. But importers also signed deals for another 90.3 million bushels of new crop.

Japan, Mexico and unknown destinations led the list of takers, but there were a couple of other notable buyers on the list. China took another load of old crop, and also shipped 9.5 million of previously purchased corn. Egypt was also a buyer of both old and new crop corn - it’s usually more of a presence in the wheat market.

To be sure, Egypt was buying wheat, a lot of it from the U.S. - 21.8 million bushels. Only a little of that was reported previously; about half was switched from unknown destinations. Wheat sales for the week came in at 51.9 million bushels, with shipments also coming in at that same strong number, more than double the weekly rate forecast by USDA for the rest of the marketing year.

Strong sales have been the norm for soybeans, thanks to heavy Chinese buying, and that trend continued in the latest week. Total sales were 82 million bushels, mostly new crop, which is running at a record level ahead of the official start to the 2010 marketing year. While China and unknown destinations were listed as the big buyers, Egypt also took soybeans

For the complete export report, click HERE.