Bean Sales Slump Further
Old crop sales still not bad for this time of year.
Bryce Knorr
Published: Mar 25, 2010
Soybean sales appear to be slipping seasonally in the face of a huge South American harvest, amid signs China is shifting purchases away from the U.S.
Still, old crop soybean sales in the latest week totaled 10 million bushels, not bad for this time of year, and well above the rate needed the rest of the marketing year to reach USDA's current forecast. However, many of those purchases resulted from switches from "unknown destinations," a strong hint that China moved the purchases to different origination.
Shipments remain strong at 29.2 million bushels, though China only accounted for 36% of the total, and also cancelled a new crop purchase.
Corn sales were lackluster at 23.9 million bushels, but that did meet the rate needed to stay in line with USDA's forecast. Shipments were better at 45.7 million bushels, helping close the gap caused by slow early sales and the late harvest. Corn sales remain focused on regular customers in Asia and the Americas, with nobody biting off huge chunks.
Wheat sales exceeded expectations at 19.1 million bushels, which included 5.4 million bushels of new crop. Nigeria was again the leading buyer.
For the complete export report, click here.
|
Weekly Export Sales (million bushels)
|
|
|
|
|
|
|
|
|
AS OF WEEK ENDING
|
3/18/10
|
|
|
|
|
|
|
|
|
|
Actual
|
Last Week
|
Trade Est.
|
USDA F'cast
|
Export Ship-ments
|
USDA F'cast
|
% of USDA Commit.
|
Ave.
|
% of USDA Ship-ments
|
Ave.
|
|
Wheat
|
19.1
|
16.1
|
12.9
|
4.4
|
16.7
|
18.9
|
92%
|
90%
|
75%
|
75%
|
|
Corn
|
23.9
|
29.4
|
25.6
|
23.1
|
45.7
|
39.2
|
70%
|
69%
|
50%
|
53%
|
|
Soybeans
|
11.8
|
27.2
|
16.5
|
3.8
|
29.2
|
6.7
|
94%
|
91%
|
84%
|
81%
|
|
Source: USDA, Reuters
|
|
|
|
|
|
|
|
|
|
Permalink: Click here
Tagged: usda, wheat, soybean, Harvest, soybeans
|