Strong Soybean Sales See More Interest from China
China continues to be the big dog in the market.
Bryce Knorr
Published: Sep 3, 2009
The 2008 marketing year for soybeans is ending with a bang. Today’s export sales report showed total new bookings of almost 43 million bushels, well above trade expectations. New crop business was again strong, and old crop shipments were also quite respectable at 11.4 million bushels, despite very tight supplies and strong basis.
China continues to be the big dog in the market, accounting for 44% of the new crop total, though unknown destinations was a close second at 28% New buyers included Iran as well.
Corn sales were about as expected at 37 million bushels, with shipments also very strong, topping 50 million. However, most of the buyers remain the usual crown from Asia and the Americas, though some business is emerging from North Africa and the Middle East thanks to low ocean freight rates.
Wheat export remain very lackluster, just under 15 million bushels for the week, with totals for the first quarter of the marketing year well below USDA’s forecast rate. Most buyers continue to pick up a boatload, not the big totals needed to boost sales totals. That could cause USDA to lower its forecast form the marketing year in next week’s monthly supply and demand report.
For the complete export report, click here.
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Tagged: usda, wheat, soybeans, accounting
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