Corn, Soybeans Sales Are Strong
Wheat sales are struggling.
Bryce Knorr
Published: Jul 23, 2009
Sales of U.S. corn and soybeans remain strong this summer as the end of the marketing year approaches Aug. 31, but wheat business continues at a tickle, according to this morning's sales report.
Old and new crop corn bookings hit 52.6 million bushels, well above trade guesses. Old crop accounted for 57% of the total, taking total commitments for 2008 above USDA's forecast for the entire marketing year. Buyers for Asia and the Americas dominated the list, with a little business done into North Africa.
Old crop soybean sales are also unusually strong for this time of year, due to lack of supplies out of Argentina. Net new bookings hit 25.8 million bushels, with old crop 46% of the total. China took another 5.8 million bushels of old crop, with China and unknown destinations dominating new crop trade.
Wheat sales are still struggling, according to today's report, with the 12.6 million bushel figure below trade estimates and USDA's forecast for the marketing year. Total shipments and commitments are both off to their slowest start in at least 20 years, with mostly small deals announced.
For the complete export report, click here.
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Weekly Export Sales (million bushels) |
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AS OF WEEK ENDING |
7/16/09 |
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Actual |
Est. |
Last Week |
USDA F'cast |
Export Ship-ments |
USDA F'cast |
% of USDA Commit. |
Ave. |
% of USDA Ship-ments |
Ave. |
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Wheat |
12.6 |
14.7 |
15.5 |
13.7 |
16.2 |
16.3 |
23% |
26% |
8% |
10% |
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Corn |
52.6 |
39.4 |
46.0 |
(4.7) |
36.3 |
53.2 |
104% |
99% |
85% |
85% |
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Soybeans |
25.8 |
20.2 |
25.2 |
(0.3) |
10.4 |
1.8 |
101% |
102% |
93% |
97% |
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Source: USDA, Reuters |
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Tagged: usda, wheat, soybeans, soybean, Bushel
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