Corn, Soybeans Sales Still Strong
Some African buyers joined in.
Bryce Knorr
Published: Apr 30, 2009
Worries about slow U.S. exports were calmed a bit this morning, when weekly export sales numbers came in better than expected for corn and soybeans. Wheat business, however, continues seasonally slow.
While news about cancellations by China swept through the market briefly this week, the latest sales data showed the world's largest importer holding steady. Total sales, both old and new crop, for the week hit 43 million bushels, with China taking half the total.
Corn sales were even stronger than last week's good showing, coming in at 52.8 million bushels. Buyers from Asia and the Americas were joined by a smattering of African business, which mostly has lagged this year. The good week puts corn on track to top USDA's forecast for the marketing year, which could lead the agency to up its estimate when demand figures are updated on May 12.
Wheat sales again were a bit disappointing, falling to 9.2 million bushels. Though shipments remain above the rate needed to reach USDA's forecast for the marketing year that ends May 31, new crop sales are slow. Buyers continue to wait, for now, to see how the new crop comes in around the northern hemisphere, but that could change if adverse weather hurts production out of Europe and the Black Sea.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans
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