USDA Export Sales - China Buys Wheat Not Corn

Posted by Nogger - a legend in his own mind at 12:36 | Categorized as

24/03/11 -- There was no sign of China buying corn in this afternoon's USDA weekly export sales report just out. Old crop corn sales were 895,000 MT with new crop sales of just a nominal 100 MT. The total was however in line with trade estimates for sales of 750 thousand to 1 million MT. South Korea (290,100 MT) and Japan (221,700 MT) were the top buyers.

Soybean sales were 264,500 MT old crop and a nominal 200 MT of new crop against trade predictions of 250 to 450 thousand MT. Mexico was the main buyer (144,900 MT), with China only showing up as taking 20,800 MT.

Wheat sales were 659,700 MT old crop and 86,000 MT new crop, against expectations of 500 to 800 thousand MT. The top buyer was Nigeria (150,100 MT) followed by Egypt (116,800 MT) but with China showing up in a surprise third slot booking two cargoes (116,000 MT).