• 
• See all for International Business Times
• View Print Version

• Commodities: Crude Oil, Gold May Fall as Fed Disappoints Dovish Bets
• The Nemenoff Report Bonds Lower, S&P's higher, Silver Higher
• Brent Inches Above $108 Ahead of OPEC

Thursday's weekly export sales report, our strongest weekly demand indicator, came out with one surprise, beans. Bean export sales last week were 1.142 million metric tons versus the four week prior of 319, 543, 559, and 186 thousand metric tons. The pre-report estimates were for 600 thousand metric tons total. Though China's numbers were measurably higher, the last time we sold over 1.0 million metric tons was the October 4th report at 1.296 million metric tons with China in for 1.025 of the total. So the measure of price strength from the Chinese commitment was muted. This had beans rally up 13 cents then turn down on the day by midsession. In other words, it wasn't as bullish as one would think, as the Chinese number is actually more important to traders than the total number. Reason being other countries who bought the difference over China are not regular or weekly buyers and probably won't show up on near-term export reports. Bean planting is at 90% complete in Brazil, the world's number two world producer exporter.

Read More on International Business Times

Related Commodities Articles

• 
  PetroNova Announces Q1 Results, Provides Outlook
  5/23/2013 08:02 AM
• 
  Drop Daily Range is Large but End of Day Little Changed
  5/22/2013 06:09 PM
• 
  What's in Store for Barrick Gold?
  5/22/2013 05:03 PM