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Bean Exports Hot, Others Not

Sales of U.S. soybeans to China remain impressive, but there were more signs of trouble for corn and wheat exports in today’s weekly summary from USDA.

Total soybean exports for the latest week hit 49.6 million bushels, much better than either expectations or the rate needed to meet the government’s forecast for the marketing year. Almost three-quarters of the agency’s current projection has been sold or shipped, and the current pace of beans living the country is nothing short of torrid, with 63.3 million bushels taken in the latest week, a marketing year high.

China remains the big dog in the bean market, but other buyers stepped up as well from around the world. As a result, Chinese purchases accounted for 53% of the weekly sales total.

Corn sales, meanwhile, remain nothing short of awful, falling under 14 million bushels last week. Concerns about quality and the slow pace of harvest have buyers searching for alterative supplies, making it less likely the already reduced USDA forecast for the year will be met. Japan took more than half the weekly total, with other buyers only booking half cargoes at best.

Wheat sales were also below trade guesses at 13.3 million bushels, though that’s on trace with the government’s reduced expectations. The Philippines was the leader buyer in the latest week, with most customers still taking small amounts; the bulk of the sales went to Asia and the Americas.

For the complete export report, click here.