April 18, 2008

US soy exports plummet 36 percent on four-week average

Exports of US soy have declined by 4 percent on-week at 408,200 million tonnes and 36 percent from the prior four-week average, the USDA reported.

The major destinations are China at 129,000 million tonnes; Japan at 78,400 million tonnes, Germany at 65,400 million tonnes, Taiwan at 42,500 million tonnes and Mexico at 35,100 million tonnes.

In the same period, net sales of soy in the US totalled 477,000 million tonnes, down 18 percent from the previous week, but up 21 percent from the prior four-week average.

Increased shipments for China at 372,500 million tonnes; Germany at 65,400 million tonnes; Japan at 30,300 million tonnes , Taiwan at 21,700 million tonnes, and Canada at 18,500 million tonnes, were offset by weak exports for unknown destinations at only 54,500 million tonnes.

During the past month, US soy trade has seen huge opportunities to export more in the global market as strikes in Argentina and Brazil crippled the South American shipments of soy.

Meanwhile, corn futures hit all-time highs last week as wet and cold weather delayed field work and early planting in the Midwest, analysts said.