August 3, 2012

US soy export sales fell to a nine-month low last week after top Importer China cancelled many new crop purchases, government data on Thursday (August 2) showed.

Net corn export sales were in line with low trade expectations after net negative sales the previous week, capped by uncompetitive prices on the world market, while wheat sales rose 42% from the prior week but were within trade forecasts.

Soy export sales in the week that ended July 26 totalled 194,000 tonnes for shipment in the current marketing year, which ends Aug. 31, and a net 52,400 tonnes for shipment in the next marketing year, according to the US Department of Agriculture's weekly export sales report.

New-crop sales were dented by a net cancellation of purchases by China of 163,500 tonnes.

Combined marketing year sales were the lowest since the week of Oct. 27, 2011, and net soy sales to China were the lowest in nearly 14 months, USDA data showed.

Net corn export sales last week totalled 178,400 tonnes for 2011/12 marketing year shipment and just 23,000 tonnes for 2012/13, USDA said. Sales were expected to be between zero and 200,000 tonnes.

Japan, the No. 1 importer of US corn, was the week's top buyer with 150,900 tonnes of old-crop purchases and 45,000 tonnes of new-crop purchases.

Net export sales of all classes of US wheat totalled 520,700 tonnes last week, most of it for shipment in the current marketing year which runs through May 2013, USDA said. Traders had expected sales from 400,000 to 600,000 tonnes.