April 22, 2011

US soy export sales surge to seven-week high

US soy export sales last week surged to a seven-week high, marked by a large purchase by top buyer China, as sales recovered from the previous week's 13-month low, according to USDA data released early on Thursday (Apr 21).

Combined old and new-crop soy sales totalled 555,300 tonnes for the week ending April 14, topping trader expectations ranging from 200,000-400,000 tonnes.

More than half of the soy sales were destined for China, which purchases nearly 60% of global soy exports.

Corn export sales last week were 857,285 tonnes, down 22% and at the low end of trader estimates that ranged from 800,000 to 1.1 million tonnes.

CBOT notched a record of US$7.83-3/4 price last week amid the tightest stocks since the 1930s, and traders expected the high prices to curb demand.

However, sales of 501,800 tonnes of corn to top world importer Japan were largest since an earthquake and tsunami ravaged the nation on March 11.

Wheat export sales last week of 303,236 tonnes were lowest since the week ending January 6, and fell below trader estimates of 400,000-800,000 tonnes.

Saudi Arabia was the largest wheat buyer, booking sales of 55,900 tonnes for delivery during the current marketing year.