USDA reports that soybean oil sales for the week ending January 21 were larger than expected while corn, soybean meal and wheat were within projections and soybeans were below estimates. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the 2009/10 marketing year but corn and wheat fell short of their respective marks.
Soybeans were pegged at 673,500 tons (24.7 million bushels), a decrease of 28% from the week before and 16% less than the four week average.