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Russian Again Captures Egyptian Tender

The latest export next features more of the same old same old. That was bad for corn and wheat, but encouraging for soybeans.

Russia once again captured most of the latest snap tender from Egypt, though Romania also picked up a one of the six loads in the 13.2 million bushel deal. The Romania wheat was the cheapest in the deal, about the only encouraging sign that Russian prices may be getting closer to the rest of the market.

The news came shortly after release of the weekly export sales report, which showed net new bookings for the U.S. falling below 13 million bushels. Though Egypt did show up on the list with a load of soft red winter wheat, most of the amounts remain relatively small, to countries with long-standing ties to the U.S.

Corn sales also were slow, with the total of old and new crop deals for the week coming in at 21.1 million bushels, below trade guesses. Customers appear to be buying on only a hand-to-mouth basis, with the deals for fairly small quantities. China did take another load of U.S. corn, however. New crop business remains tepid at higher prices, while shipments are well short of the total needed to reach USDA’s forecast for the marketing year that ends soon.

Soybeans were the bright spot on the USDA’s list, with the total for the week, 24.2 million bushels, including decent old crop amounts in addition to 20 million of new crop. China took more than half that amount.

For the complete export report, click here.