Shipments Strong, Sales Mixed In Latest Week
Corn sales top estimates but shipments still trying to catch up from weak start.
Bryce Knorr
Published: Apr 14, 2011
Foreign customers were actively buying both old and new crop corn ahead of last week's USDA report, according to the latest trade data reported by the government today.
Total old and new crop sales reached 43.4 million bushels in the latest week, well ahead of trade guesses.
While sales remain ahead of the pace needed to reach USDA's forecast for the marketing year, shipments in the first half of the marketing year got off to a slow start. That's beginning to change because end users are realizing supplies of corn will be short for the rest of the marketing year, perhaps longer.
Total shipments for the week were 43.2 million bushels, just 2 million less than the rate needed to go out every week through August to reach USDA's forecast for the marketing year.
Wheat sales totaled 20.1 million bushels, in line with trade guesses, with spring wheat the leading category. Wheat shipments are also slow historically; they came in at 26.7 million bushels, well behind the rate needed for the rest of the marketing year to reach the government forecast.
New tenders this week remain modest. Tunisia only filled half of a tender for 1.8 million bushels of soft wheat today. Origin is optional.
New soybean sales remain seasonally slow, with the old and new crop total 6.7 million bushels this week. Shipments of 20.4 million bushels were well above the rate needed to reach USDA's forecast, with 5 million bushels cancelled by unknown destinations.
In other demand today, the National Association of Oilseed Processors reported March crush at 134.4 million bushels, a little better than trade guesses but almost 15 million behind last year.
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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4/7/11
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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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20.1
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26.6
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20.2
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1.9
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26.7
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40.5
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95%
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90%
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71%
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75%
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Corn
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43.4
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31.9
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28.5
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19.2
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43.2
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45.2
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80%
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77%
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54%
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60%
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Soybeans
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6.7
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7.0
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10.1
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4.5
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20.4
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13.9
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94%
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89%
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82%
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79%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean, spring wheat
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