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Export Sales Strong Across The Board

After languishing for most of the fall and winter, sales of corn and wheat finally picked up sharply in the latest week, matching the still strong pace seen in the soybean trade. Net new bookings for both crops hit marketing year highs, though the increases came only after the steep drop in prices caused by last week’s bearish USDA reports.

Wheat sales hit 32.6 million bushels, almost 10 times last week’s anemic amount, and much better than trade guesses. The total also easily crushed the rate needed weekly to meet USDA meager sales projection for the 2009, which was reduced last week to the lowest level since 1971.

The Philippines lead the list of buyers, which included decent amounts into Asia, the Middle East and the Americas. Most of the deals were for hard wheat.

Corn sales came in at 63.4 million bushels, doubling trade guesses. Asian customers, led by Japan, topped the list of buyers, with USDA confirming five of the loads reportedly taken by South Korea last week. More sales to unknown destinations also could wind up going to Korea.

Shipments remain a bit slow, however, with the week’s total, 32.9 million bushels, less than the weekly rate forecast by USDA.

Soybean sales also were strong in the latest week, with the total of 36.4 million bushels above last week’s figure and trade guesses. USDA raised its forecast for the marketing year last week, but total commitments to date have already reached 91% of the new total.

China remains the dominant force of the market, taking 75% of this week’s sales.

For the complete export report, click here.