While a few buyers continue to show up at the table for old crop soybeans, foreign customers have backed away from soybeans lately, after buying at a furious pace earlier in the year.
Total new crop bookings remain at a record for the week, but the total is only 1 million bushels above last year's then record. So far, 426 million bushels are committed, a third of USDA's total forecast for the marketing year that begins on Sept. 1.
New 2013 crop sales totaled just 4 million bushels, though the government did announce another sale Tuesday of 8.8 million bushels of new crop to China. That deal will show up on next week's report.
China is expected to step up soybean purchases in the coming year, after business tailed off this year due to overbooking and weaker than expected demand due to problems with the nation's pork industry. How much China imports is closely tied to economic growth, so news out this week of a slow-down in the country's manufacturing sector could be worrisome.
Old crop sales totaled only 1.9 million bushels in the latest week, but traders anticipated nothing. Shipments fell to just 3.4 million bushels, a marketing year low.
Corn business was also slow, as expected. Old crop sales actually topped new crop, with the total of both only 8.3 million bushels. Shipments of 12.7 million bushels were in line with the rate forecast by USDA for the rest of the marketing year this summer.
Asian buyers are still dominating the wheat trade, with China again joining the list of regular customers. China is importing more wheat this year after too much rain at harvest in 2012, but France reportedly undercut the U.S. on a big deal this week. There was even a deal for 4.3 million bushels of white wheat, though it was unclear if was off the PNW, where the GMO plants were found. Japan again refrained from including U.S. white wheat in today's weekly tender, while Taiwan specified any wheat be GMO-free.