June 21, 2012

US Q4 grain exports to hit record level

Following a sufficient grain crop, combined US exports of wheat, coarse grains and soy are set to attain the highest level since 2007 in the fourth quarter, said Simpson, Spence & Young Ltd (SSY).

Shipments will come to 42.6 million tonnes, the London-based shipbroker said in a report e-mailed today. Bumper crops of corn and wheat will lift exports by 12% from the prior period to 131.2 million tonnes for the 2012-13 marketing year through next June, it said. That would still fall short of the 134.5 million tonnes shipped in 2010-11, the report showed.

The predicted exports for the calendar year's final three months would be this century's second-largest after the 44.1 million tonnes shipped in 2007's final quarter, according to SSY.

Imports of coarse grains and wheat by Japan will rise 1.3% to 24.9 million tonnes for 2012-13, boosting so-called ton-mile demand for dry-bulk ships that carry the products from the US, SSY said. Ton-mile demand is calculated by multiplying cargo size and voyage length.

Coarse grains include barley and sorghum as well as corn.