Export Sales Beat Guesses Across the Board
Soybean business remains strong with Asian buyers active.
Bryce Knorr
Published: Jul 31, 2008
Active buying out of Asia last week boosted sales of both old and new crop soybeans, despite tight supplies in the U.S. as the marketing year winds down. Total new bookings for beans reached 26 million bushels, well above trade guesses, with total sales and shipments now at 100% of the USDA forecast for the 2007 crop marketing year.
China, Japan and "unknown destinations•bCrLf led the list of buyers for both old and new crop purchases. Old crop sales hit 10 million bushels, an unusually strong figure for this late in the season with supplies so tight.
Indeed, old crop corn sales hit a marketing year low, just 2.5 million bushels. But 32.5 million bushels of net crop bookings boosted total business, with shipments strong, topping 45 million. That's below the weekly rate forecast by USDA for the rest of the marketing year, which could lead the agency to eventually lower its 2007 crop sales target.
Wheat sales beat expectations by a large measure, with 26.7 million bushels posted, topping the weekly rate forecast by the government. Business out of the Middle East and Africa dominated the list of buyers.
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Weekly Export Sales (million bushels) |
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AS OF WEEK ENDING |
7/24/08 |
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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 |
26.7 |
16.5 |
22.4 |
15.7 |
19.7 |
21.0 |
30% |
28% |
8% |
12% |
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Corn |
35.0 |
29.5 |
32.4 |
7.8 |
45.9 |
56.3 |
98% |
100% |
88% |
87% |
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Soybeans |
26.0 |
12.9 |
27.0 |
0.1 |
22.9 |
1.8 |
100% |
103% |
93% |
98% |
Source: USDA, Reuters
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Tagged: usda, wheat, soybeans
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