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Exports See Another Big Week

Topping last week's huge export numbers was never in the cards for the latest USDA tally, but foreign customers continue to buy aggressively. Corn, soybeans and wheat all beat trade guesses, as buyers again beat a path to our door.

Corn led the sales parade, with net new bookings, most of them new crop, hitting 68.4 million bushels. Japan, Egypt and Mexico highlighted the list of takers, with China buying a little old crop and shipping out another 7.6 million bushels. China turned to imports over the summer, making up for a shortfall from a poor 2009 crop. USDA today also announced the sale of another 6.2 million bushels of new crop to Japan under its daily reporting system for larger purchases.

Regular new crop customers appear to be buying ahead, worried that lack of feed wheat supplies out of the Black Sea could increase competition for U.S. stocks later in the year. 

Soybean sales were also brisk at 36.4 million bushels. While most of the total is for new crop, with the 2009-2010 marketing year almost over, there were still 6.6 million bushels of old crop business done, mostly by China and Japan. New crop sales ahead of the official start to the marketing year remain at a record clip.

Wheat sales of 39.6 million bushels beat trade guesses, with a variety of buyers noted from Asia, Africa and the Americas, though the leader was unknown destinations. Total commitments are running slightly behind the pace forecast by USDA, though the gap has mostly disappeared in the last few weeks of big sales.

For the complete export report, click HERE.