Corn Sales Lead Export Sales Report
Pace remains above USDA forecast for marketing year.
Bryce Knorr
Published: Apr 9, 2009
U.S. corn sales continue to hum, with almost 43 million bushels of net new bookings reported in the latest week. That keeps the pace above the rate needed to reach USDA's forecast for the marketing year, though the agency made no changes to its sales forecast in this morning's monthly supply and demand report.
Japan led the list of buyers, which also featured sales and shipments to Egypt, in addition to regular customers in Asia and the Americas.
Soybean sales were also good this week at 22.8 million bushels. Though that was under the average trade guess is more than topped the rate forecast by USDA for the rest of the marketing year. The government raised its forecast of 2008 crop year sales to 1.21 billion bushels this morning, which would be an all-time record.
China continues to lead the list of buyers, and USDA announced the sale of another 4 million bushels of old crop beans to the world's largest importer yesterday. China would prefer to be sourcing its supplies out of South America this time of year, buy lower production in Argentina is keeping more business in the U.S.
Wheat sales of 13.7 million bushels were split between old crop and new, as customers remain willing to either buy cheaper wheat out of the Black Sea or wait until local supplies are available. The U.S. is getting some business into Asia that normally goes to Australia, due to severe port congestion there.
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Tagged: usda, wheat, soybean
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