January 21, 2013

Despite China's cancellation of several purchases in December, US' net export sales of soy in the week of January 4-10 were a marketing year high.

The USDA in export sales data released on January 17 said net sales of US soy during the week for delivery in the current 2012-13 marketing year totalled 1,608,800 tonnes, five times the prior week's sales of 321,800 tonnes for the same year and the highest weekly total since the marketing year began September 1, 2012.

The weekly sales included 845,600 tonnes, or 53% of the total, designated for China. An additional 180,000 tonnes of soy were sold during the week for delivery in the 2013-14 marketing year, all for China, the USDA said.

The two-year combined sales total for the latest week was more than double the high end of trade expectations that ranged from 550,000-750,000 tonnes. China, the largest importer of US soy, cancelled earlier purchases of at least 840,000 tonnes, and possibly more designated as "unknown destinations," of US soy in December, according to the USDA.