Exports Weaken, But China Buys Corn
Sales totals are sluggish across the board in the latest week, according to USDA.
Bryce Knorr
Published: Dec 15, 2011
While export sales totals declined in the latest week for corn, soybeans and wheat, there were a least a few bright spots in the data released by USDA this morning.
Corn sales fell below 20 million bushels, but remained in line with trade guesses and were above the weekly rate forecast by USDA for the rest of the marketing year. Moreover, China bought and immediately shipped 4.9 million bushels, despite ongoing reports of a huge crop grown there this year. Overall shipments of almost 35 million bushels also were in line with the government's forecast.
Sales into regular Asian customers were mixed. Japan picked up almost 10 million bushels, but South Korea was missing. Mexico was the biggest buyer for the week.
China as usual dominated the weekly sales totals for soybeans, which weakened to 17.2 million bushels Shipment were better at 37 million bushels, gaining ground after a very slow start to the export season.
Wheat sales of 11.7 million bushels were in line with the USDA forecast, with shipments also on track though business has slowed recently, a good start to the season put totals for the first half of the marketing year well above the rate forecast by USDA.
Most buyers of wheat are still taking only small amounts, despite the big break in prices this fall. Deals are focusing on Asia and the Americas, with the U.S. still shut out of the North African and Middle Eastern markets.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans
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