Chinese Still Buying Old Crop Beans
Sales were good for corn, soybeans and wheat.
Bryce Knorr
Published: Aug 6, 2009
A big week of export sales was expected for this morning's USDA summary, because a series of big new crop Chinese purchases was announced last week. But the number that really raised eyebrows was the old crop total China keeps buying old crop beans, taking another 15 million last week to help total sales top an astounding 105 million bushels.
Chinese crushers have found it more profitable to import soybeans, rather than turn to government auctions, which have drawn scant interest. However, imports are expected to slow, if only because near-term demand is satiated.
Corn sales were also good, raising the likelihood that USDA will raise its forecast for the marketing year ending Aug. 31 when supply and demand estimates are updated next week. Total sales were 45.4 million bushels, with demand noticed out of the Middle East and North Africa, in addition to the normal buyers from Asia and the Americas.
Even wheat business perked up, thanks to cheaper prices and a dirt-cheap U.S. dollar. Sales topped 20 million bushels, with a lot of different customers, including China.
For the complete export report, click here.
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Weekly Export Sales (million bushels) |
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AS OF WEEK ENDING |
7/30/09 |
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Actual |
Est. |
Last Week |
USDA F'cast |
Export Ship-ments |
USDA F'cast |
% of USDA Commit. |
Ave. |
% of USDA Ship-ments |
Ave. |
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Wheat |
20.6 |
16.5 |
21.1 |
12.9 |
14.4 |
15.8 |
27% |
31% |
11% |
14% |
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Corn |
45.4 |
39.4 |
49.4 |
(15.7) |
46.8 |
53.8 |
106% |
101% |
91% |
89% |
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Soybeans |
106.9 |
81.8 |
35.1 |
(0.9) |
8.0 |
1.4 |
104% |
103% |
94% |
98% |
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Source: USDA, Reuters |
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Tagged: usda, wheat, soybeans
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