Corn Exports Slow

Corn Exports Slow

China buys a load of U.S. origination, but overall grain sales fall short of expectations.

Traders expected corn exports to slow in today’s totals from USDA, but the weekly tally of 19.1 million bushels was 10 million below pre-report guesses. The agency did sweeten the news a little, announcing a sale of 6.7 million bushels of new crop to Japan under its daily reporting system for large purchases, but overall shipments remain behind the pace forecast by USDA for the rest of the marketing year.

China showed up on the list of old crop buyers for a load, but most deals were small, especially to leading buyer Japan. Cattle herds are shrinking there due to fears of nuclear contamination, decreasing feed needs.

Soybean sales also were well below trade guesses at 13.7 million bushels, with only a smattering of small old crop deals showing up on the books. China as usual dominated new crop purchases, keeping 2011 bookings at a record pace.

Wheat exports were the bright spot of today’s report, with the total of 17.4 million bushels just below the rate forecast by USDA for the rest of the marketing year. Iraq and Mexico were the leading destinations, though shipments are still off to a relatively slow start. China also bought a load of wheat; while it doesn’t normally import a lot, buyers there occasionally bring in high quality grain.                                                                                      

 For the complete export report, click here.

Weekly Export Sales (million bushels)

AS OF WEEK ENDING

7/21/11

Actual

Last Week

Trade Est.

USDA F'cast

Export Ship-ments

USDA F'cast

% of USDA Commit.

Ave.

% of USDA Ship-ments

Ave.

Wheat

       17.4

    14.8

    14.7

     17.7

20.8

22.5

24%

28%

9%

12%

Corn

       19.1

    35.5

    29.5

       4.5

39.6

57.3

99%

99%

85%

87%

Soybeans

       13.7

    16.4

    25.7

      (5.1)

7.2

19.7

102%

102%

94%

95%

Source: USDA, Reuters

TAGS: USDA
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish