Export Sales Top Gloomy Expectations
Sales of all commoditites higher than expected.
Bryce Knorr
Published: Mar 12, 2009
A brisk week of export activity reported today could give the market a much-needed boost.
USDA reported sales for the latest week that topped expectations across the board for corn, soybeans and wheat.
Soybeans again provided the most eye-popping numbers. After making a marketing year low last week, the latest totals were more than five times better, hitting 30.8 million bushels. China booked just under half the total, helping ease fears the world's largest importer was washing out previous purchases in favor of cheaper South American originations.
Mexico was also a big buyer, though purchases by Japan continue slow.
Corn sales also were good, despite USDA's decision yesterday to trim its forecast for the marketing year by 50 million bushels. Net new bookings reached 43 million, almost doubling trade guesses. Japan and Taiwan were big buyers, though South Korea took a break after recent heavy purchases.
Wheat sales came in at 14.7 million bushels, despite USDA's move to cut its forecast yesterday by 20 million bushels. Both sales and shipments remain well above the rates forecast by the government, but Census data suggest the USDA reports may be over-estimating actual shipments.
For the complete report, click here. 
Permalink: Click here
Tagged: usda, wheat, soybeans
|