USDA reported weekly corn export sales of 57.7 million bushels, versus trade expectations for only 29.5-37.5 million. The total was nearly double the previous week and 59% above the four-week average.
Mexico was the leading buyer of U.S. corn on the week, taking almost 14 million bushels. The large sales total was achieved in spite of light buying from Japan, the No. 1 customer for U.S. corn.
The big weekly sales total pushed net corn sales commitments for the marketing year 2.5% ahead of a year earlier. However, actual shipments remain slightly behind the year-earlier pace.
USDA reported net weekly soybean export sales of 15.1 million bushels, including sales of 2.2 million bushels for 2002-2003 delivery. That compared with trade expectations for 9-14.5 million. The weekly total was 23% above the four-week average.
Mexico and Japan were the leading buyers of U.S. soybeans on the week. China did not show up as a buyer in the wekly report.
Old-crop sales of 12.9 million bushels pushed total 2001-2002 soybean export commitments to 1.003 billion bushels, 6% above a year earlier. Actual yearly shipments of 911.4 million bushels were 5% ahead of a year earlier.
Wheat export sales for the week ended May 9 were pegged by USDA at 14.5 million bushels, versus trade expectations for 11-16.5 million. USDA reported 7.2 million bushels of the weekly sales were for 2002-2003 delivery.
The weekly sales were up 39% from a week earlier, but were 13% below the four-week average. The USDA report showed only small, routine purchases.
For the marketing year to date, wheat export commitments ae 7.6% below a year earlier, with actual shipments running 6.5% behind the 2000-2001 pace.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com .