Bargain Hunters Shop For Exports
Corn, soybeans have high sales and wheat is inline with forecasts.
Bryce Knorr
Published: Jul 16, 2009
Sales of U.S. grain were good in the latest week, with end users continuing to snap up supplies as prices broke.
Total old and new crop corn sales hit 46 million bushels, with regular customers in Asia and the Americas joined by importers from the Middle East. In an interesting sidelight, both Cuba and Iran picked up a load of old crop corn from the U.S. Still, while total old crop sales are well above the pace needed to meet USDA's forecast for the marketing year, shipments are lagging a bit.
Soybean sales were also good, topping 25 million bushels, with China buying both old and new crop supplies and completely dominating the business. The world's largest soy importer took 4 million bushels of old crop beans, even as traders braced for buying to slow in August. China also locked up more than 19 million bushels of new crop, putting new crop bookings at a record pace for this time of year.
Wheat sales of 15.5 billion were in line with USDA's forecast for the marketing year. Nigeria led the list of buyers with almost 9 million bushels of new bookings. Shipments remain a bit slower than normal, due to the later harvest this year.
For the complete export report, click here.
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Weekly Export Sales (million bushels) |
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AS OF WEEK ENDING |
7/9/09 |
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Actual |
Est. |
Last Week |
USDA F'cast |
Export Ship-ments |
USDA F'cast |
% of USDA Commit. |
Ave. |
% of USDA Ship-ments |
Ave. |
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Wheat |
15.5 |
16.5 |
21.5 |
14.0 |
6.2 |
16.6 |
21% |
24% |
7% |
8% |
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Corn |
46.0 |
39.4 |
45.9 |
0.2 |
38.2 |
50.8 |
103% |
97% |
83% |
83% |
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Soybeans |
25.2 |
23.0 |
45.2 |
(0.1) |
14.3 |
2.0 |
101% |
102% |
92% |
96% |
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Source: USDA, Reuters |
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Tagged: usda, wheat, soybeans, soybean, Harvest
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