Corn Exports Stay Strong
Wheat sales slump despite interest out of Africa.
Bryce Knorr
Published: Mar 3, 2011
After a strong month of buying by foreign customers, traders expected export sales to taper off in this morning’s weekly report. Net new bookings were down, but not by as much as forecasts, coming in at a still robust 47.3 million bushels
Japan and Mexico remain the big dogs in the market, accounting for almost 38 million in total old and new crop business. Cuba also bought a couple of loads, but Egypt cancelled a shipment. South Korea also remains a light buyer, thanks to a combination of high prices and the outbreak of diseases there that’s led to massive livestock culling.
Soybean sales also beat expectations, with a combined old and new crop total of 23.7 million. Old crop deals accounted for 55% of the total, with China continuing to take most of those beans. Actual shipments were huge at 62.2 million bushels, keeping beans flowing out of just about every possible port in the U.S.
Wheat export were somewhat disappointing, falling under 24 million bushels, well below trade guesses, though the total is still well above the weekly rate needed for the rest of the marketing year to meet USDA’s 2010 crop forecast. Egypt and Nigeria both took multiple loads.
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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2/24/11
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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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23.9
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40.9
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38.6
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11.6
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20.0
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35.7
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88%
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85%
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64%
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70%
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Corn
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47.3
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65.0
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37.4
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11.8
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31.5
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22.0
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69%
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67%
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41%
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48%
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Soybeans
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23.7
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9.3
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12.9
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5.5
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62.2
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17.3
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91%
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82%
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72%
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66%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean, accounting
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