New Crop Purchases Swell Export Totals
China continues to be a player in export markets.
Bryce Knorr
Published: Jul 22, 2010
With just six weeks left in the marketing year, buyers of corn and soybeans focused on purchases of 2010 crops in the latest period, resulting in strong overall totals.
USDA's weekly sales tally for both crops topped 45 million bushels, well beyond trade guesses, with China a player all around.
Corn sales in the latest week hit 45.5 million bushels, with old crop accounting for a little more than half the total. While Japan was the leading buyer, China took a load of old crop, shipping out three more for the week.
China as usual led the list of reported soybean buyers, though it made no deals for old crop. Sales of 2009 beans dropped to just 4.1 million bushels, but new crop sales surged to 41 million bushels. China officially took 12.5 million bushels, with most of the purchases attributed to "unknown destinations."
Total 2010 sales are off to a record pace, with China taking another 4 million today, which USDA reported under its daily tracking system for larger purchases.
The strong export totals could overshadow a somewhat disappointing Census Crush report, which came in at 129.17 million bushels for June, almost 3 million below trade guesses.
Wheat sales remain subdued, coming in at just 14 million bushels in the latest week, with buyers once again taking relatively small amounts.
For the complete export report, click HERE.
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Weekly Export Sales (million bushels)
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AS OF WEEK ENDING
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7/15/10
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Actual
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Last Week
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Trade Est.
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USDA F'cast
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Export Ship-ments
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USDA F'cast
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% of USDA Commit.
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Ave.
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% of USDA Ship-ments
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Ave.
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Wheat
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14.0
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17.8
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14.7
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16.1
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14.1
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19.9
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24%
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26%
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9%
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10%
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Corn
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45.5
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33.7
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36.4
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(8.0)
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37.3
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53.7
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102%
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99%
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83%
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85%
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Soybeans
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45.1
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10.9
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27.6
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(5.7)
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10.1
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13.2
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102%
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102%
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95%
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97%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean, accounting
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