Export Sales Hit Speed Bump
Sales slow during holiday week.
Bryce Knorr
Published: Dec 3, 2009
After a stellar round of exports last week, sales slowed over Thanksgiving, with corn and soybean bookings dropping sharply. For corn, the slump was back to business as usual. But for beans the dip could again raise concerns Chinese buying interest is ebbing as South American crop prospects improve.
China took only 11.5 million bushels of the 26.8 million total, below trade guesses. A host of other buyers stepped into the void, including Cuba, Turkey and Egypt. Shipments were also strong, topping 50 million bushels, keeping the year to date total ahead of the typical pace.
For corn, the list of new buyers was mostly drawn from the usual suspects, with Japan and South Korea leading the list. Both countries have been relatively slow buyers this year, with quality concerns likely a factor, as well as cost.
Wheat sales were the only segment to beat both last week’s total, trade guesses, and the weekly rate forecast by USDA for the rest of the marketing year. Still, the pace of both shipments and sales remains sluggish. Buying interest continues to be seen from around the world, but most quantities are small, suggesting end users remain very picky in a market that’s providing plenty of alternatives.
For the complete export report, click here.
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Weekly Export Sales (million bushels)
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AS OF WEEK ENDING
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11/26/09
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Actual
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Last Week
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Trade Est.
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USDA F'cast
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Export Ship-ments
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USDA F'cast
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% of USDA Commit.
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Ave.
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% of USDA Ship-ments
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Ave.
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Wheat
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14.4
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12.9
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13.8
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12.2
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16.7
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17.9
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62%
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63%
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46%
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48%
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Corn
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25.9
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64.0
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30.5
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26.8
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34.6
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35.4
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39%
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41%
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20%
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23%
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Soybeans
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26.8
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41.7
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33.1
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11.5
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50.1
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17.2
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77%
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60%
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35%
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33%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean
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