Buyers Rush to Corn
Regular customers and some new ones boost weekly export totals.
Bryce Knorr
Published: Apr 22, 2010
Another strong week of export sales and shipments could help the mood in the corn market, with regular customers and a few newcomers helping boost the total for the latest week.
Net new bookings of corn hit 58.3 million bushels in the latest week, according to USDA, while shipments also beat the rate forecast by USDA at 45.5 million. In addition to Japan, South Korea and Mexico – the usual suspects – Cuba and Saudi Arabia bought U.S. corn.
All the business was for old crop, with no new crop sales reported. USDA also reported the sale of 4.7 million bushels of old crop to Egypt this morning under its daily reporting system.
By contrast, new crop wheat sales continue to pick while the old crop marketing year winds down. Total new bookings for the week topped 17 million bushels, better than estimates, with a variety of customers in Asia and the Americas joined by Nigeria. However, amounts remain small. Shipments also lagged the rate needed to meet USDA’s forecast for the 2009 crop.
Old crop soybean sales took the spotlight in this week’s report, accounting for most of the new business. China took almost 5 million bushels, and also has been a heavy this week of new crop.
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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4/15/10
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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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17.1
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15.1
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15.6
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10.4
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15.9
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27.6
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92%
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94%
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80%
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82%
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Corn
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58.3
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45.2
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38.4
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18.9
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45.5
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39.3
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79%
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76%
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59%
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61%
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Soybeans
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13.5
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16.6
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20.2
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2.0
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15.7
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4.9
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96%
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94%
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91%
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86%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean, accounting
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