Corn, Beans Sales Slip

Corn, Beans Sales Slip

New crop bookings help wheat beat low trade expectations, but shipments still too low.

Slumping export demand for corn and soybeans was confirmed in this morning’s export tally from USDA, with new bookings of soybeans virtually drying up.

Soybean sales for the latest week totaled under 1 million bushels, while shipments of 7.3 million bushels also fell under the rate needed to move every week through August to reach USDA’s current forecast for the marketing year. New crop beans out of South America remain plentiful, helping stretch tight U.S. inventories amid poor crush margins worldwide.

Corn sales of 11.2 million were all for old crop, with no 2011 bookings reported. South Korea was the biggest buyer, but its purchases were switched from previous sales announced as made to unknown destinations, having little overall impact on the total. Sales were below the weekly rate needed to reach USDA’s forecast for the marketing year, while already weak year-to-date shipments fell further behind.

Wheat sales were almost evenly split between old and new crop, with the total for the week beating low trade guesses. Still, most buyers are taking only a load or two, awaiting new crop production from the northern hemisphere. Soft red winter wheat sales remains dismal, with only minimal business reported in the latest week.

For the complete export report, click here.

Weekly Export Sales (million bushels)

AS OF WEEK ENDING

4/28/11

Actual

Last Week

Trade Est.

USDA F'cast

Export Ship-ments

USDA F'cast

% of USDA Commit.

Ave.

% of USDA Ship-ments

Ave.

Wheat

       20.2

    15.4

    12.9

      (3.0)

31.9

47.4

95%

90%

71%

75%

Corn

       11.2

    17.5

    17.7

     19.7

31.5

47.1

83%

83%

59%

66%

Soybeans

         0.8

      9.2

      9.2

       4.1

7.3

14.4

96%

92%

85%

83%

Source: USDA, Reuters


TAGS: USDA Wheat
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