Corn Sales Slip; China Missing From Buyers' List
Soybeans posted the best week.
Bryce Knorr
Published: Jul 1, 2010
Corn sales were disappointing in the latest week, with China failing to show up to the table according to this morning's weekly export report.
Total sales in the latest week came in at 28.6 million bushels, below last week's total and well under trade guesses. Shipments also lagged the projected rate needed to reach USDA's forecast for the marketing year, as regular customers from Asia, the Americas and the Middle East were buying ahead of this week's USDA reports.
Wheat sales also slipped from last week, but still came in at a decent total of 15.6 million bushels, in line with government projections. Mexico and Japan were leading buyers, but Brazil was also in for 918,000 bushels.
Soybeans posted the best week, with total old and new crop sales at 26.3 million bushels. Old crop sales were 9.7 million bushels, with China dominating new crop purchases. While the weekly summary showed a slump in soybean oil business, USDA this morning announced the sale of 40,000 MT to China under its daily reporting system.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans, soybean
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