Corn Exports Slow

Hurricane Gustav limits shipments from the Gulf as new marketing year begins.

Foreign customers were good buyers of new crop corn over the summer, giving the U.S. a good book of sales headed into the start of the 2008-2009 marketing years. But news business is slowing, despite low prices, as buyers wait to see just how big the U.S. crop will be. Export sales totaled just 14.8 million bushels in the latest week, almost 20 million bushels below the weekly rate forecast by USDA. South Korea and Mexico were the biggest buyers, though Japan stood on the sidelines. Just 7.8 million bushels shipped, as Gulf Ports were slowed or closed by Gustav.

At the start of the marketing year, new crop commitments represent 24% of the total forecast by USDA for the entire marketing year. That's well ahead of the average pace of 17% but behind last year's 27% reading.

Soybean shipments trickled to just 1.2 million bushels, with China absent from the list. Sales of 16.9 million bushels topped both expectations and the rate forecast by USDA, with China taking 6.2 million bushels, which was a little more encouraging. Large new crop purchases by China swelled the total new crop book to 33% of USDA's estimate for the entire marketing year, also well above average and ahead of last year's level.

Wheat sales and shipments continue to run above forecast levels at 16.8 million bushels in the latest week. Shipments also were strong, as both sales and shipments run above average levels at the end of the first quarter of the marketing year.

Weekly Export Sales (million bushels)

 

 

 

 

 

 

AS OF WEEK ENDING

9/4/08

 

 

 

 

 

 

 

 

Actual

Est.

Last Week

USDA F'cast

Export Ship-ments

USDA F'cast

% of USDA Commit.

Ave.

% of USDA Ship-ments

Ave.

Wheat

    16.8

  13.8

    16.0

      9.3

24.2

16.8

57%

40%

34%

24%

Corn

    14.8

  17.7

    23.2

    33.4

7.8

45.6

24%

17%

0%

1%

Soybeans

    16.9

  11.0

    10.3

    15.8

1.2

21.4

33%

23%

0%

1%

Source: USDA, Reuters

 

TAGS: USDA
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