Corn Sales Awful Again
Soybeans continue to fly off the shelves trying to recoup slow start to export season.
Bryce Knorr
Published: Nov 17, 2011
Just when it looked like weekly corn export sales couldn't get any worse, they did.
USDA reported total sales of just 8.2 million bushels in the latest week, less than half the level expected, and down from last week's poor showing of 9.9 million. Shipments fared better, topping 35 million, in line with USDA's forecast for the marketing year, thanks to stronger preseason bookings that are still being moved.
The U.S. continues to face tough competition on world markets, that's prompting even regular customers like Japan and Korea to see alternatives, including corn from Ukraine and feed wheat from Australia.
Soybeans as expected had another good week, with net new bookings reaching 27.6 million bushels. Shipments doubled the rate needed to reach USDA's forecast for the market year, but remain behind the typical pace. South Americans continue to win deals, the latest, a purchase from Brazil by Taiwan. China was the biggest buyer for the week, and was rumored to be buying 18 to 22 million bushels again this week that could show up in next week's tally. USDA separately this morning confirmed the sale of 15.4 million bushels to China under its daily reporting system for large purchases.
Wheat sales were sluggish at 12.3 million bushels, a little below the rate forecast by USDA for the marketing year, while shipments of 11.2 million bushels also were slow. Most customers are taking only small loads, using scale down buying and showing no signs of believing a bottom is in.
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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11/10/11
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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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12.3
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11.0
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14.7
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12.7
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11.2
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18.2
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63%
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60%
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48%
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44%
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Corn
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8.2
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9.9
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18.7
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23.0
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35.2
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34.9
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53%
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40%
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18%
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19%
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Soybeans
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27.6
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22.3
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22.1
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8.3
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52.5
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25.2
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55%
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50%
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22%
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23%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans
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