March 4, 2005

US soybean exports rise as wheat and corn exports meet expectations

US exporters sold more soybeans in the week ending Feb. 24 than analysts had estimated, and wheat and corn totals were within the range of guesses, according to the USDA weekly export sales report released early Thursday.

Net soybean sales totalled 651,700 tonnes (23.9 million bushels), with China once again the principal buyer, accounting for 45 per cent of the total.

Net corn sales were 811,600 tonnes, down from the previous week, but above the four-week average. New crop business is beginning to hit the books for corn as well, with 2.5 million bushels listed to Mexico.

Wheat net sales for old crop totalled 453,100 tonnes or 16.6 million bushels. New crop wheat sales were 54,700 tons (2 million bushels), taking the total net sales above the top of the range of guesses.