December 24, 2004

US Soybean And Wheat Exports Higher Than Expected

Soybean and wheat export sales in the U.S. were both higher than expected; corn fell in the average of its estimates, but 14 percent above last week's total.

Soybean registered 1,157,400 tons (42.5 million bushels) in all, up 33% from the week ending December 9 and 51 percent higher than the four-week average. The primary purchasers were China, Germany and Mexico with China alone buying 579,000 tons.

Soymeal sales totaled 113,800 tons, 32 percent higher than a week ago and bean oil sales came out at 18,400 tons, a record in the marketing year and 63 percent higher than the previous week.

Wheat sales, which totaled 608,800 tons (22.4 million bushels) for the week ending December 16, were 54 percent higher than the previous week and 47 percent higher than the four-week average. The main wheat buyers were Japan, Taiwan and Nigeria.

Corn was reported at 725,800 tons (28.6 million bushels); a 14 percent increase over the disappointing total on December 9 but 16 percent less than the four-week average. The bulk of the sales were to Japan, unknown destinations and Taiwan.

2004 beef sales, for the week ending December 16, came out at 1,300 tons. Sales to Mexico were 1,300 tons, Canada 100 tons and Indonesia canceled purchases of 100. Sales for 2005 delivery came out at 1,200 tons, solely bought by Mexico.