Weekly Corn Sales Hit Marketing Year High

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U.S. corn export sales hit a marketing year high during the week ended Feb. 17, while wheat sales rebounded strongly, according to a recent USDA Weekly Export Sales Report.

USDA reported weekly corn export sales of 65 million bushels, including 59.1 million bushels for delivery during the current marketing year. The weekly sales total was up 46% from the previous week and 62% from the four-week average.

The strong sales were driven by further large purchases from Mexico and Japan. U.S. exporters sold nearly 26.7 million bushels of corn to Mexico on the week and nearly 18.5 million bushels to Japan.

Corn export sales for 2010-2011 to date are now running 5.3% above a year earlier with USDA forecasting a 1.9% decline in annual exports. However, actual corn export shipments are lagging a few million bushels behind a year ago.

Weekly U.S. wheat export sales rebounded to 40.9 million bushels, an increase of 68% from the previous week and 67% above the 4-week average.

Egypt was the leading buyer of U.S. wheat on the week, purchasing more than 10.8 million bushels, while Japan, Iraq and Turkey were also significant buyers.

U.S. wheat export sales commitments are running 57.4% above a year ago with USDA forecasting only a 28.1% increase in marketing year exports.

Weekly U.S. soybean export sales were disappointing at only 9.2 million bushels, below trade estimates of 13-18.5 million bushels.

The low net export sales were due to sizeable cancellations of 14.6 million bushels in previous sales to unknown destination that were most likely headed to China. Sales to Taiwan and Thailand were also cancelled.

U.S. soybean export sales commitments for the marketing year to date are still running 9.5% ahead of a year earlier with USDA forecasting an increase of 5.9% in marketing year exports.

 

Editor’s note: Richard Brock, Corn & Soybean Digest's marketing editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.

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