Wheat Sales Slump
Bean business still running at record pace as Chinese interest continues.
Bryce Knorr
Published: Jan 13, 2011
Sales of U.S. wheat were unexpectedly slow during the first week of 2011, falling to just 6.4 million bushels according to this morning’s report from the government. Most of the new deals were for single loads, representing business switched from unknown destinations previously reported.
Traders had expected wheat sales to come in around last week’s 17 million bushel total. The pace of shipments also remains slow, despite USDA’s decision Wednesday to raise its forecast for the marketing year ending May 31.
Corn sales remain on track to reach the government’s target, though the pace of shipments remains a bit sluggish. USDA reported 20 million bushels of new sales, close to trade guesses, though most of the deals were relatively small. USDA also reported the sale of another 4.6 million bushels of corn to unknown destinations under its daily reporting system for larger purchases.
China continues to buy U.S. soybeans, though the pace of its purchases is slowing a little. Total sales for the week were just under 25 million bushels, continuing the record rate of sales to date, with both sales and shipments easily beating the rate implied for the rest of the marketing year by USDA’s current forecast.
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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1/6/11
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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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6.4
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17.1
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16.5
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16.8
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22.7
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32.1
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74%
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73%
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51%
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57%
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Corn
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20.0
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14.5
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21.7
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17.2
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20.3
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26.1
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54%
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54%
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30%
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35%
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Soybeans
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24.8
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25.7
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20.3
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8.2
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34.9
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23.4
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83%
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68%
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51%
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46%
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, Bushel
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