Export Sales Mixed Last Week
Corn sales disappoint, but soy complex holds demand thanks to China.
Bryce Knorr
Published: Sep 16, 2010
Export business slacked off ahead of last week’s USDA report, but a fresh round of soybean sales to China could help provide some support for the complex today.
While weekly sales out this morning totaled 24.6 million bushels, USDA announced the sale of another 6.3 million bushels to China under its daily reporting system for large purchases. In addition, today’s daily announced included another soybean oil deal, this one for 67,000 metric tons to unknown destinations.
The only disappointing news for soybeans came in the total for weekly shipments, which came it at only 6.4 million bushels in the latest week. That pace should pick up with new crop harvesting, because sales on the books are at a record pace for the start of the 2010 marketing year.
China also bought and shipped more corn in the latest week, amid conflicting statements out of the country regarding the size of the 2010 crop there. Total net new bookings for the week were only 23.1 million bushels, well below both trade guesses and the weekly rate forecast by USDA for the marketing year. South Korea, as usual, was a solid buyer ahead of last week’s USDA report.
Net new sales of wheat were disappointing at 23.9 million bushels, but the weekly total was reduced by cancelations of 2011 crop deals announced previously. Even with the cancelations figured in, the total for the week beat the rate needed each week to reach USDA’s forecast for the marketing year, though shipments were slow. Most of the new purchases were by unknown destinations, with other buyers out of Asia, Africa and the Americans taking relatively small amounts after a flurry of activity earlier in the summer.
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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9/9/10
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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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23.9
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35.0
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38.6
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18.4
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17.9
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26.3
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41%
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42%
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23%
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26%
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Corn
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23.1
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26.8
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31.5
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25.8
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43.3
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36.8
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27%
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0%
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3%
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0%
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Soybeans
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24.6
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31.2
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27.6
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18.0
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6.4
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28.8
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43%
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0%
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1%
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0%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean, harvesting
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