China Still Shipping U.S. Beans
No major cancellations of former pruchases.
Bryce Knorr
Published: Feb 25, 2010
While new soybean sales to China continue to ebb, the world’s largest soy importer is still loading out previous purchases aggressively, with no signs yet of widespread cancellations.
Total soybean sales in the latest week came in at 8.9 million bushels, a little below trade guesses, with China taking almost three-quarters of the total. However, most of the new purchases were switched from unknown destinations recorded earlier.
Nonetheless, China proceeded with shipment of prior sales, taking almost 60% of the 41.2 million bushels in shipments for the week. China still has 130 million bushels on the books awaiting shipment.
Net new bookings of corn were disappointing, as buyers apparently were waiting for a retest of February lows that so far hasn’t happened. Sales came in at just 17.8 million bushels, well below both trade guesses and the weekly rate needed to be shipped the rest of the year to reach USDA’s forecast for the 2009 crop.
Shipments were much better, however, setting a marketing year high at 48.9 million bushels, though the year-to-date total remains well behind the average rate. Japan and South Korea dominated the new sales, with a smattering of purchases from other customers in the Americas and Middle East.
Wheat sales of 15 million bushels were in line with trade guesses, maintaining hopes for reaching USDA’s current target for the year if shipments pick up a little. Nigeria again dominated the list of buyers.
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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2/18/10
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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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15.0
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17.0
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14.7
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6.4
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18.0
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18.1
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87%
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84%
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67%
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68%
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Corn
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17.8
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38.4
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27.6
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24.8
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48.9
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38.8
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61%
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62%
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39%
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45%
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Soybeans
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8.9
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7.5
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10.1
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4.9
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41.2
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8.6
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94%
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86%
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76%
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70%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybean, soybeans
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