September 16, 2011

US corn export sales reach two-month high 

US corn export sales last week soared 44% from the previous week to the highest in two months, as a dip in prices resulted in purchases from traditional importers of US corn, according to USDA data on Thursday (Sep 15).

Corn exports totalled 1.17 million tonnes for the week ending September 8, with top Asian buyers of Japan and South Korea accounting for most of the purchases. Exports soared above analyst estimates of 400,000 tonnes to 700,000 tonnes and the sales topped one million tonnes for the first time since July.

CBOT corn futures <Cc1> fell to a 1-1/2 week low during the reporting period ahead of the harvest, when prices typically fall as supplies become more plentiful.

US soy export sales were the lowest in 11 weeks while sales of all varieties of US wheat were the lowest in two weeks.

Soy exports totalled 352,000 tonnes, led by purchases by Mexico and China. Sales fell below estimates ranging from 400,000 tonnes to 600,000 tonnes.

US wheat sales were 413,500 tonnes, within the range of sales since the wheat marketing year began on June 1 and within analyst estimates of 300,000-600,000 tonnes.