USDA reports soybean and soybean meal sales for the week ending October 14 were larger than expected, while wheat was within pre-report projections and corn was below all estimates. Physical shipments of soybeans were larger than what’s needed every week to meet USDA projections for the 2010/11 marketing year but corn and wheat both fell short of their respective marks.
Soybeans were pegged at 2,017,200 tons (74.1 million bushels), an increase of 85% from the previous week and 66% more than the four week average. China was far and away the biggest buyer at 1,451,000 tons. So far this marketing year, soybean sales are 930.6 million bushels, compared to 817.9 million this time last year.
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