July 22, 2011

 

US corn exports decline 11%, wheat drops 16%

 

 

US corn exports declined 11% between July 8-14 to 428,700 tonnes, equating to a 22% drop from the previous four-week moving average, according to the USDA's Weekly Export Sales report released on Thursday (Jul 21).

 

Wheat exports over the same reporting week fell 16% to 483,900 million tonnes, representing a 21% decline from its four-week moving average.

 

Even with the overall decline, corn exports to South Korea (66,100 million tonnes), Venezuela (65,500 million tonnes), Japan (60,600 million tonnes), Egypt (60,000 million tonnes), Mexico (39,700 million tonnes), and El Salvador (23,200 million tonnes) rose, but those volumes were offset by decreases to Honduras and the French West Indies, where the combined volumes were 2,500 million tonnes. The summary data did not include further breakdowns of the statistics.

 

Wheat was exported primarily to Nigeria (145,000 million tonnes), Iraq (82,700 million tonnes), Peru (53,400 million tonnes), Taiwan (40,400 million tonnes), Indonesia (39,900 million tonnes), Mexico (32,000 million tonnes), and South Korea (25,300 million tonnes).

 

Chicago Board of Trade September corn futures opened Thursday (Jul 21) down 11 cents to trade at US$6.76/bushel, reacting mostly to milder weather predictions in Iowa and Nebraska, coupled with some profit-taking. CBOT September wheat futures opened 13 cents lower to US$6.84/bushel.

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