US Maintains Strong Export Pace

CHICAGO - Sep 13/-07 - SNS -- International agriculture commodity markets maintained a busy tone overnight, though some participants were surprised by yesterday's "unconventional" reaction of futures markets to the latest USDA crop production estimates.

Wheat markets were worried about whether the latest weekly export sales numbers from the USDA would disappoint them. The numbers are unlikely to add to market jitters as net new sales came in at 2.13 million metric tons (MT), more than double trade expectations. Egypt was the biggest buyer at 413,800 MT, followed by Iraq at 200,000; Morocco at 191,900; Japan at 161,100; Algeria at 129,300; and Nigeria at 122,100 MT.

Net new corn export sales were within trade expectations sat 176,000 MT of current and 1,039,600 MT of new crop corn. The most important current crop buyers were Japan at 89,200 MT, Mexico at 54,400 and Canada at 29,400 MT. The largest cancellation was 29,200 MT to Taiwan.

Net new soybean export sales were at the low end of trade predictions with net cancellations of 16,500 MT of current crop business and 346,500 MT of new crop beans for a net total of 330,000 MT of new export business. Soybean meal sales were also at the low end of expectations with 35,4000 MT of current and 18,700 MT of new crop meal sold for a total of 54,100 MT. New soybean oil sales were within trade expectations at 6,200 MT.

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