February 4, 2005

US wheat, soybean exports post better than expected results

USDA's weekly export sales report for the week ending January 27 was a mixed bag, with better-than-expected wheat and soybean business, but corn did not fare that well.

Wheat net sales were nearly double the previous week and more than double the 4-week average at 710,300 metric tons (26.1 million bushels), above the top end of expectations.

Soybean sales of 570,000 tons (20.9 million bushels) were well above some pre-report estimates. Meal sales were at the top of expectations, while oil sales reflected a net reduction of 5,100 as new sales were more than offset by cancellations. The numbers may provide some support for soybean and meal futures at the opening bell.

Corn sales, on the other hand, fell to just 337,600 tons (13.3 million bushels), a marketing year low and about half as much as in recent weeks.