June 17, 2011


US corn exports shrink by 50%



The USDA's latest US Export Sales report, released June 16, showed corn export net sales at 295,800 million tonnes. This is down 8% from the last week's report and 50% below the four-week average.


The report showed increases for Japan (101,400 million tonnes), China (65,700 million tonnes, including 60,000 million tonnes switched from unknown destinations), South Korea (54,500 million tonnes, including 57,000 million tonnes switched from Japan and decreases of 2,700 million tonnes), Venezuela (36,500 million tonnes), Canada (36,100 million tonnes), and Spain (35,000 million tonnes, switched from unknown destinations), were partially offset by decreases for unknown destinations (138,600 million tonnes).  Net sales of 598,900 million tonnes for delivery in 2011-12 were mainly reported for Mexico (548,600 million tonnes) and Japan (45,700 million tonnes).


Exports of 820,300 million tonnes were down 18% from the previous week and 14% from the prior 4-week average.  The primary destinations were Japan (299,600 million tonnes), Mexico (149,600 million tonnes), Taiwan (140,900 million tonnes), China (65,700 million tonnes), South Korea (52,300 million tonnes), and the Netherlands (33,000 million tonnes).


On Wednesday (Jun 15) corn markets were pressured by favorable weather conditions as futures closed 19 cents to 29 3/4 cents lower. Corn futures were called nine to 12 cents lower on Thursday (Jun 16) morning and fell 13 to 24 1/4 cents lower by close.

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