Corn Sales Healthy, China Still Buying Beans
A good week of corn export sales should buoy the mood of traders a little this morning.
Bryce Knorr
Published: Jun 18, 2009
USDA reported 45 million bushels of net new bookings for the latest week, split about 2 to 1 for old vs. new. In addition to the usual customers in Asia and the Americas, buying out of the Middle East was also noted. That could suggest buyers in the drought-struck region are getting nervous about the availability of feed wheat supplies from Eastern Europe and the Black Sea this year. Production is expected to be down in those areas due to adverse whether, after a bumper world crop last year.
South Korea and Japan accounted for most of the new crop business.
Soybean sales also were above expectations, though traders didn't believe totals would be much to begin with. Sales of 9.2 million included a little to China, though that country also cancelled a load.
Wheat sales remain sluggish as the new marketing year gets underway, coming in just under 10 million bushels for the week.
For the complete export report, click here.
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Weekly Export Sales (million bushels) |
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AS OF WEEK ENDING |
6/11/09 |
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Actual |
Est. |
Last Week |
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Wheat |
9.9 |
11.0 |
13.0 |
|
Corn |
45.0 |
32.5 |
34.0 |
|
Soybeans |
9.2 |
5.5 |
8.1 |
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Source: USDA, Reuters |
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Tagged: usda, wheat, soybeans, soybean, Drought
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