December 17, 2010

US net soy sales drop to six and a half month low

US net export soy sales fell to a six and a half month low last week as demand slowed from top importer China, according to USDA data released Thursday (Dec 16).

On the other hand, wheat sales hit a one-month high and corn sales scaled a two-month peak.

Soy sales in the week ended December 9 totalled a net 84,700 tonnes for shipment in the current marketing year, which ends August 31, and 89,000 tonnes for 2011/12 shipment.

USDA data showed that sales to China of a net 126,500 tonnes included 117,800 tonnes reported in previous reports as sales to "unknown" destinations and net decreases of 191,400 tonnes in sales.

China also bought 55,000 tonnes for 2011/12 shipment.

Corn export sales last week rose 9% from the previous week to the highest point since early October.

Net sales totalled 810,900 tonnes for shipment in the current marketing year, which runs through next August, and 69,200 tonnes in the next marketing year.

Mexico was the week's top buyer, followed by Japan and South Korea.

Net sales of all US wheat last week rose 34% to 973,300 tonnes, which included 74,000 tonnes for shipment in the next marketing year which begins June 1.