December 31, 2004

US Soybean Exports Exceeds Expectations

Export sales for US soybeans in the week ending December 23 were higher than expected. Soybeans came out at 926,600 tons (34.0 million bushels), down 20% from the week ending December 16 but 29% higher than the four-week average. The primary purchasers were China, unknown destinations and Germany.

Soymeal sales totaled 29,700 tons, 74% lower than the week before. The Philippines purchased 36,200 tons; China and unknown destinations both made significant cancellations. Soyoil sales came out at 17,300 tons. Cuba bought 7,800 tons.

Corn was reported at 751,700 tons (29.6 million bushels). That is 4% higher than the previous week and 5% higher than the four-week average. The main buyers were Taiwan, Japan and Cuba.

Wheat totaled 338,200 tons (12.4 million bushels, 44% lower than a week before and 27% lower than the four week average. The primary purchasers are Mexico, Nigeria and unknown destinations.

Sales of upland cotton round bales totaled 244,500 tons, up 57% from the previous week. Turkey, China and Japan were the primary purchasers. Sorghum sales for the week ending December 23 were 112,200 tons, down 5% from the week before; Mexico bought 83,900 tons and Japan purchased 19,000 tons. Rice was reported at 87,900 tons, up 17% from the week ending December 16; the top three buyers were: Japan, South Korea and Ghana. There were no reported barley sales.

Net beef sales for the week ending were reported at 1,300 tons. Mexico bought the bulk of the total, 1,300 tons, Canada purchased 100 tons and Indonesia canceled on 100 tons. The 2005 marketing year begins January 1; Mexico got a jump on the New Year, buying 1,200 tons.