China Again Leads Rush to Buy Soybeans
Bean bookings are well above trade guesses.
Bryce Knorr
Published: Jul 15, 2010
Sales of both old and new crop soybeans surged in the latest week, with China leading the list of buyers.
Total net new bean bookings hit 45 million bushels, well above even inflated trade guesses, with old crop accounting for a surprising 54% of the total. Purchases by the world’s leading importer exceeded deals previously announced under USDA’s daily reporting system, with another 8.6 million going to “unknown destinations.” However, even with today’s sales the total of new crop purchases to date lags last year’s record total slightly.
The new crop tally should get a boost next week, after USDA this morning announced the sale of 13 million bushels of additional sales under its daily reporting system, including 4.3 million for China.
Corn sales also beat expectations, coming in at 40.3 bushels. China took two more loads of old crop, but Japan was the biggest buyer for the week of both old and new crop. Shipments were decent at 41.1 million bushels, but trail the rate needed to be moved every week for the rest of the marketing year to meet USDA’s current 2009 crop forecast.
USDA this morning also reported the sale of 6 million more new crop corn bushels under its daily reporting system.
Buyers are apparently balking so far at higher wheat prices, with total sales of just 11.4 million bushels reported today, below trade guesses and the rate needed to be booked each week to meet USDA’s forecast for the marketing year. Buyers are again taking relatively smaller amounts, with Nigeria leading the list of buyers from Asia, the Americas and Africa.
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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7/8/10
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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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11.4
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17.8
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14.7
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16.1
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11.4
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19.9
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23%
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24%
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7%
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8%
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Corn
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40.3
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33.7
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36.4
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(2.6)
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41.1
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51.4
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101%
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97%
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82%
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83%
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Soybeans
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45.0
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10.9
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32.2
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(3.2)
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7.6
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12.8
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102%
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102%
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94%
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96%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, accounting
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