US weekly soy exports hit 50 million bushels

USDA reports that soy export sales, for the week ending January 8, were larger than expected, hitting 50 million bushels.

Soymeal was within analysts' projections, while corn and wheat were under all estimates.

Soy came out at 1,361,600 tonnes or 50 million bushels, more than double both the week before and the four week average.

Before the report, expectations ranged from 400,000 to 600,000 tonnes with main purchasers from China importing 861,800 tonnes, Egypt importing 156,000 tonnes and Indonesia importing 105,500 tonnes.

So far this marketing year, soy sales are 817.3 million bushels, compared to 805.1 million in 2007-08. Sales of 2,700 tonnes or 100,000 bushels for 2009-10 delivery were to Japan.

Soymeal was pegged at 74,400 tonnes, up sharply from the prior week and 10 percent higher than the four week average.

Pre-report projections ranged from 20,000 to 75,000 tonnes with its main buyers from Venezuela importing 22,500 tonnes, Cuba at 22,000 tonnes and Mexico at 19,500 tons.

Cumulative soymeal exports are 3,196,200 tonnes, compared to 3,783,400 tonnes last year at this time.