June 24, 2011

 

US corn exports sink 40% on diluted demand

 

 

US corn export sales fell 40% from the prior week despite a steep drop in prices from all-time highs, as strong competition from alternative feeds such as feed wheat diluted demand for corn, analysts said.

 

Wheat sales, however, jumped 45% to a five-week high as sinking prices sparked demand from some regular buyers of US wheat, they said after the USDA's weekly export sales report was released on Thursday (Jun 24).

 

Net export sales of US corn in the week ended June 16 totalled 410,800 tonnes for shipment in the current marketing year, which ends on August 31, and 120,400 tonnes for the next marketing year, the USDA said.

 

The combined marketing year sales were below trade expectations for 800,000 to 1.1 million tonnes.

 

Net US wheat export sales rose to 661,300 tonnes last week, all for shipment in the current marketing year which began on June 1, the USDA said.

 

The wheat sales topped trade forecasts for 350,000 to 650,000 tonnes.

 

Soy export sales of a net 204,000 tonnes fell short of trade expectations for 300,000 to 500,000 tonnes.

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