Soybean Sales Keep Coming
Wheat sales perk up; corn disapointing.
Bryce Knorr
Published: May 7, 2009
USDA's export sales data was delayed this morning, but for soybeans, at least, it may have been worth the wait. Weekly sales were again strong, though Chinese purchases did slow down some, amounting to only 30% of the old crop total.
Total net new bookings for beans were 28.5 million bushels, in line with trade guesses and well above the rate needed to meet USDA's current forecast for the marketing year. The agency is expected to increase its estimate when the supply and demand balance sheet is updated next week, further tightening old crop supplies.
Wheat sales perked up a little, reaching 14.21 million bushels. However, most of the business was old crop, as 2009 crop sales remain very light to date, with end users waiting to scope out world production before committing in these difficult economic times.
Corn sales were disappointing at 24.1 million bushels, well below last week's big numbers and trade guesses. Japan was the only big buyer out of Asia, with most of the business coming from a variety of customers in the Americas.
Release of today's report was delayed about an hour. No reason was given.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans
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