Another Big Weak for Bean Sales
Net new soybean bookings topped 50 million bushels.
Bryce Knorr
Published: May 21, 2009
Demand for soybeans remains strong, according to the latest weekly export sales report form USDA. While today's numbers were delayed by problems with the agency's Website, they were worth the wait for bean bulls.
USDA reported net new soybean bookings topped 50 million bushels in the latest week. More than half the total came from old crop, an especially strong showing for this late in the marketing year. Demand normally shifts to South America after the harvest there, but reduced production in Argentina has importers scrambling for supplies. Planting delays in the U.S. this spring, which could delay arrival of the new crop, may also be prompting more aggressive buying, because Sept. 1 stocks are expected to be extremely tight.
New crop business is also brisk, with 2009 sales at the highest level in more than 20 years.
China accounted for just 31% of the total sales directly. But an even larger share was attributed to "unknown destinations," which could turn out to be headed to the mainland.
Wheat sales perked up a bit this week at 20.7 million bushels, with almost all the business slated for the new crop marketing year that begins in a few weeks. Destinations included not only the usual Asian customers, but also some Middle Eastern countries, including Iran. Hopes are high for better sales into the region in the coming year, in part due to problems with quality uncovered in recent Russian shipments in Egypt.
Corn sales sagged a big, falling to 32.4 million bushels, below expectations. Buying was limited to Asian and North American customers, despite the lack of Argentine corn on the market this year.
For the complete export report, click here.
Permalink: Click here
Tagged: usda, wheat, soybeans, soybean, Harvest
|