USDA reports sales of corn and soybean meal for the week ending February 18 were smaller than expected while soybeans and wheat were within pre-report projections and bean oil was above estimates. Physical shipments of corn and soybeans were more than what’s needed weekly to meet USDA projections for the 2009/10 marketing year but wheat fell short.
Soybeans were placed at 239,100 tons (8.8 million bushels), an increase of 17% from the prior week but a decrease of 39% from the four week average. China picked up 177,700 tons but unknown destinations canceled on 249,000 tons. At this point in the marketing year, soybean sales are 1.312 billion bushels, compared to 989.6 million a year ago. Sales of 2,900 tons (100,000 bushels) for 2010/11 delivery were to Japan.