Beans Sales Still Booming
China still dominates export business as weather concerns persist.
Carolyn Thompson
Published: Dec 2, 2010
How good is Chinese soybean demand? So good that the world’s largest importer purchased more soybeans from the U.S. than the total for all countries combined in the latest week.
China bought 54.5 million bushels last week, beating the total for the week of 51.5 million because the world figure included some cancellations and switches. Whatever the math, China’s appetite for beans remains intact, keeping the U.S. on track for record sales of the 2010 crop. Dry weather in Argentina and parts of Brazil are keeping the pipeline full, even as government officials in China release soybeans and soyoil from their domestic reserves in an attempt to quench food price inflation.
Net new bookings for wheat were in line with trade guesses at just under 23 million bushels. Middle East destinations led the list of buyers, including Morocco, Jordan and Egypt. Corn sales, which lagged during the first quarter of the marketing year, came in at just under 30 million bushels, with South Korea, Japan and Mexico the leading buyers.
USDA today also announced the sale of 5.3 million bushels of 2011 crop corn to Japan today under its daily reporting system, with another 9.4 million bushels of old crop sold to unknown destinations.
For the complete export report, click here.
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Weekly Export Sales (million bushels)
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AS OF WEEK ENDING
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11/25/10
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Actual
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Last Week
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Trade Est.
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USDA F'cast
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Export Ship-ments
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USDA F'cast
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% of USDA Commit.
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Ave.
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% of USDA Ship-ments
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Ave.
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Wheat
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22.9
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27.4
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22.1
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15.6
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27.4
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27.4
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62%
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63%
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45%
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48%
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Corn
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29.9
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32.4
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29.5
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26.5
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30.8
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38.0
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41%
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43%
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21%
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23%
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Soybeans
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51.5
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34.9
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40.4
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15.3
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60.0
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26.1
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68%
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55%
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31%
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29%
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Source: USDA, Reuters
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Tagged: usda, soybeans, wheat, soybean
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