August 27, 2004

Soybean Export Sales Strong In US

U.S. exporters sold more soybeans last week than analysts had anticipated. The weekly USDA export sales now totals up to 17,500 tons for old crop, and 527,500 tons for new crop. Analysts said the report should provide some support for the contract in futures trade Thursday.

Trade guesses had ranged from plus or minus 25,000 tons for old crop, and 250,000 to 400,000 tons for new crop.

USDA said net soybean sales of 17,500 MT were 28 percent below the previous week, but one-third over the prior 4-week average.

Major increases for Taiwan (27,300 MT, including 27,000 MT switched from unknown destinations), Mexico (13,900 MT), and Costa Rica (4,400 MT) were partially offset by decreases for unknown destinations (27,000 MT) and Israel (5,000 MT).

Increases of 527,500 MT for delivery in 2004/05 (which begins Sept. 1) were primary for unknown destinations (246,000 MT), China (113,000 MT), the Netherlands (75,000 MT), Germany (60,000 MT), and Japan (26,500 MT). Exports of 74,800 MT were 68 percent above the previous week, but 7 percent under the prior 4-week average. The primary destinations were Taiwan (27,300 MT), South Korea (26,300 MT), Mexico (10,000 MT), and Costa Rica (4,400 MT).