April 15, 2011
 

US corn export sales show massive increase 

 

 

US corn export sales last week increased 36% from the previous week because record-high prices in the midst of the tightest inventories since the 1930s have not done much to limit demand for the feed grain.

 

Net sales of US corn in the week ended April 7 reached a total of 1.1 million tonnes, of which 848,000 tonnes was scheduled for shipment by the end of the 2010/11 marketing year on Aug 31, according to USDA data released early on Thursday (Apr 14).

 

The sales raised analyst expectations for 550,000 to 900,000 tonnes.

 

Japan, the world's largest corn importer, was the week's largest purchaser with 468,900 tonnes in 2010/11 purchases, the country's highest weekly tally in six weeks and the highest since a destructive earthquake and tsunami on March 11.

 

Soy export sales were at a net 79,300 tonnes for the 2010/11 and 2011/12 marketing years joined were far lower than predictions for 200,000 to 350,000 tonnes.

 

The sales, pulled down by a termination of 51,500 tonnes in new-crop sales to largest importer China, were the lowest weekly net sales in 13 months.

 

Wheat export sales were within the variation of predictions at 545,600 tonnes.