Export Sales Drop After Rally

Export sales were lower across the board in the latest week, falling from the previous period’s big numbers, according to this morning’s tally from USDA

Corn sales suffered the most, dropping almost half from the good showing last week. That still left total old and new crop bookings at 35.5 million bushels, but that was 10 million below trade guesses. Shipments also remain well behind the pace forecast by USDA for the rest of the 2010 marketing year. All of the old crop business was just single loads, with no big buyers stepping forward. “Unknown destinations” accounted for 53% of the new crop total; China didn’t show up on the list of leading buyers or destinations officially.

Soybean sales of 16.4 million bushels were closer to trade guesses, but still 25% below last week’s total.  Shipments of old crop beans are also slower than the rate forecast by USDA, though total commitments are ahead of the normal pace due to record new crop purchases, mostly by China.

Wheat sales came in at 14.8 million bushels, in line with trade guesses but down from last week and the rate forecast by USDA for the marketing year. Shipments also remain sluggish in the face of increasing competition out of the Black Sea. Big buyers like Japan and Egypt were missing from the list of leading sales, helping dampen the totals.

 For the complete export report, click here.