August 20, 2010
US corn export sales peak to 16-year high
Net export sales of US corn last week were the largest in nearly 16 years, while wheat sales posted a fresh 34-month high, according to data released by the US Agriculture Department on Thursday (Aug 19).
Sales of both grains were far greater than trade forecasts, prompting traders to raise their opening calls for CBOT futures.
Soy export sales last week were down slightly from the prior week, but sales were still very strong and near the high end of trade forecasts.
USDA said net corn sales in the week ended August 12 totalled 594,900 tonnes for 2009-10 marketing year shipment and 2.29 million tonnes for the new marketing year, which begins on September 1.
The combined total of nearly 2.9 million tonnes was the largest since December 1994, when a single week's sales totaled nearly 3.3 million tonnes amid huge sales to China.
Top buyers last week were Japan, Mexico and Egypt with more than half of the week's total. USDA also reported 58,600 tonnes in old-crop corn sales to China and a total of 738,600 tonnes to unknown destinations, mostly for 2010-11 shipment.
Net wheat export sales last week totaled 1.4 million tonnes, up 6% from the previous week's near three-year high, the second consecutive week of sales exceeding 1 million tonnes, according to USDA data.
Top buyers last week were Egypt, with 594,000 tonnes in purchases, and Mexico, with 173,900 tonnes in purchases.
USDA data also showed 275,200 tonnes in sales to Canada, But that wheat was only passing through a Canadian port en route to another destination, the Canadian Wheat Board said last week after the sale was reported under USDA's daily reporting guidelines.
Net soy export sales last week totalled 181,600 tonnes for 2009-10 marketing year shipment and 2.05 million tonnes for 2010-11 shipment, USDA said.
Sales to China, the world's top soy importer, accounted for 57% of the week's sales. Egypt was also a big buyer, with 200,000 tonnes in new-crop purchases.
