Soybeans Again Lead Export Lineup
Hot news for the market, but sales have started to cool.
Compiled by staff
Published: Oct 30, 2009
Better than expected soybean sales continue to grab headlines in the export market, though business generally appeared to cool off during last week’s rally.
Soybean bookings topped 25 million bushels, easily outdistancing sales of corn and wheat. While down from last week, the total for beans still was well ahead of trade guesses, with China accounting for a robust 63% of the business. Shipments were even stronger that indicated by the inspections report Monday, coming in at a whopping 52.7 million bushels as big early sales are finally being loaded out.
Corn sales were up a little from the previous week’s tepid levels, but at 14.5 million bushels continue to disappoint, falling almost 50% than trade guesses. Japan was notably missing from this week’s export lineup, one reason for the poor showing. Commitments, which once enjoyed a big cushion over the typical pace seen historically, are now retreating, with shipments falling behind due to the slow pace of harvest.
Wheat sales also were lackluster at 13.4 million bushels. The U.S. is attracting buyers from all over the world, but amounts remain very small, less than the big cargos importers normally buy.
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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10/22/09
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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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13.4
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25.2
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18.4
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8.0
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17.0
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10.9
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53%
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55%
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36%
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39%
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Corn
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14.5
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9.8
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27.6
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25.6
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26.3
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34.8
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32%
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31%
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13%
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14%
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Soybeans
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25.4
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36.3
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18.4
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13.9
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52.7
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21.3
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65%
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44%
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11%
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13%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybean, soybeans, Harvest
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