Del.icio.us  Digg  facebook  MySpace  Twitter  Google  Bookmark Me  LinkedIn  StumbleUpon  Permalink

More Bean Sales to China This Week

While the export scene this week has been relatively quiet, Chinese buyers were out in force last week, according to the latest sales data from USDA. The world’s biggest importer accounted for 57% of the 50.2 million bushels reported in this morning’s weekly tally from the government.

The huge total takes total sales and shipments for the fledgling marketing year to 54% of USDA’s forecast for the 2009 crop, almost double last year’s record pace. Shipments, however, were slow at 3 million bushels. Though better than the even lower inspections figure reported Monday, lack of new crop beans in the pipeline appears to be hampering the early flow. In addition to tight old crop stocks and planting delays, heavy rains stalled harvest in the South over the last week.

USDA separately announced another soybean oil sale, 20,000 tons, to unknown destinations.

Corn sales were sluggish in the latest data, despite growing optimism over sales. Net new bookings totaled 26.5 million bushels. Mexico was the biggest buyer with purchases previously announced under USDA’s daily reporting system, in addition to a smattering of other deals done into Asia, the Americas and the Middle East.

Wheat sales at 19 million bushels were below last’s week’s total, but above the rate needed to reach USDA’s forecast for the marketing year. However, commitments and shipments remain well behind the average pace for this time of year.

For the complete export report, click here.