Corn Sales Stay Strong; China Buys 2009 Beans
Sales running above USDA estimates.
Bryce Knorr
Published: Apr 2, 2009
Corn enjoyed another strong week of export sales with the total of net new bookings around 50 million bushels for the second straight week.
The superior showing puts sales for the marketing year well above the rate needed to reach USDA's target, while shipments are right on track to meet that goal. With sales registered by the Census Bureau running above USDA numbers, this increases the potential for the agency to up its forecast when supply and demand tables are revised this spring.
The bulk of the demand U.S. corn continues to come from long-term customers in Asia and the Americas, with feed wheat remaining a competitor elsewhere.
USDA also announce the sale of an additional 4.6 million bushels of corn to unknown destinations this morning, under its daily reporting system.
Soybeans also enjoyed a big week of sales, at least on paper, with the total hitting 43.4 million bushels. However, almost half the total was new crop, with 15 million bushels of 2009 beans booked by China alone. The world's largest importer only bought a little old crop, which could raise a few eyebrows this morning.
Wheat sales totaled 14.1 million bushels, in line with expectations, with the bulk of the business coming from Asia. New crop sales remain sluggish, however, with the rate well under average for this time of year.
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Tagged: usda, wheat, soybeans
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