From my experience,  and I'm not 100% sure that this is the problem...I don't remember this being a problem in versions before 7 either, but in Poser 7 when you set body morphs like for the breasts, waist, hips etc using the BODY PBMs or FBMs no actual morph data is set that Poser will use to create the FBM. Those dials are working on multiple body parts and Poser seems to use the value of the corresponding parameter dial in the body parts, not values in the "BODY"..... ie you set BreastSize6 is "1" in the BODY, so Poser ignores it when creating the FBM or PBM.

If the parmeters were set on the actual body part then morph data would be saved. The morph data for the head is saved since the parameters on the head were changed. I ran into this with a V3 character I developed to use in some of my animations. I wanted to lighten up the cr2 so I thought I'd just spawn a FBM and be able to strip out all the morphs I didn't need.... well to my surprise I ended up with a great head morph and no body morph just like you did. I ended up having to go through each body part and set the parameters then spawn the FBM again to get it to work. 

Ed