Soybean exports strong, corn cools

Despite worries that China may have lowered its demand for U.S. soybeans, exports of American beans continued through through the week of April 14, according to U.S. Department of Agriculture weekly figures.

Total soybean exports in the marketing year that began last Sept. 1 show soybean exports of 35.8 million metric tons running about 2 percent ahead of last year’s record pace. China’s purchases of 23.6 million metric tons is about 10 percent ahead of last year’s totals at this time.

Corn sales have cooled slightly, as traders expected, as prices in excess of $7.50 per bushel in U.S. markets and the prospects of Argentinian corn coming onto the market soon have caused a weakening of demand.

Also, world wheat prices declined below corn prices during the first half of April, although wheat has since rebounded on reports of damage to much of the U.S. winter wheat crop in the southwest due to drought. Wheat, which normally trades about $1 or more above corn, can be substituted as an animal feed.

Total corn exports since Sept. 1 are down 2 percent, to 27.5 million metric tons. Japan has continued to be the largest customer of U.S. corn and its purchase of 9 million metric tons since Sept. 1 are running 1 percent ahead of last year, even through the March 11 earthquake and tsunami.

Beef exports are continuing their strong pace, ahead of last year by 48 percent at 214,900 metric tons. Japan has continued to be a good customer, with purchases almost double that of last year.

The export numbers, along with continued forecasts for wet and chilly weather that will delay corn planting in much of the Corn Belt, pushed corn prices up 5 cents per bushel to $7.45 on the Chicago Mercantile Exchange.

December corn, which prices this year’s contract, was up 8 cents per bushel to $6.63.

Soybeans were up 12 cents per bushel to $13.69 for May delivery and up 4 cents per bushel to $13.70 for the November contract that prices this year’s crop.

(Source: http://blogs.desmoinesregister.com/dmr/index.php/2011/04/21/soybean-exports-strong-corn-cools/)