Deals for corn in the export market are usually done by the boatload, with good customers buying in increments of 2 million bushels or more. By contrast, net new bookings in the latest week could all be sourced from a single 80-acre field.
Net sales totaled just 11,600 bushels because the deals that were made were just switched from business done to "unknown destinations."
Still, shipments were brisk at 26.8 million bushels, as importers ship out sales booked this summer. That included China, which took delivery on 6.5 million bushels. As a result, total sales and shipments are actually running at a higher percentage of USDA's forecast for the entire marketing year than normal in September.
End users appeared to be waiting for lower prices to do deals, triggering buying out of South Korea this week totaling 17.7 million bushels. However, those purchases specified South American or optional origin sourcing, so it's unclear whether any of the grain will be from the U.S.
Good news about soybean exports help buoy futures briefly after the weekly report was released this morning, but the impact didn't last long. USDA reported weekly sales hit 29.4 million bushels, above trade guesses and nearly doubling the rate forecast by the government for the rest of the marketing year. USDA also announced the sale of another 4 million bushels to China under its daily reporting system for large purchases.
However, the shipments end of the report reinforced worries about easing Chinese demand. The world's dominant importer loaded out only 2.2 million bushels, with total shipments for the week at 12.1 million bushels, less than half the rate forecast by USDA.
Wheat business was also mixed. New sales totaled 15.7 million bushels, with shipments at 20 million, both below levels forecast by USDA's current projections for the marketing year. Wheat futures remained firm, nonetheless, because another big deal was announced out of North Africa. Algeria reported bought 25.7 million bushels at this week's tender. Prices suggested the grain was likely to come from France. Iran reportedly has also been a heavy buyer of wheat recently from Australia, Russian and the EU.