October 21, 2011
US corn sales record seven-month high
China's huge purchase of US corn made its grain export sales last week to a near seven-month high, according to USDA data released Thursday (Oct 20).
Net sales in the week ended October 13 totalled more than 1.85 million tonnes, most of it for shipment in the current marketing year which began on September 1. That was up 37% from the prior week and the third straight week in which sales topped one million tonnes.
The week's sales, however, were below the 2-2.5 million tonnes expected.
China was the week's largest buyer with 900,000 tonnes in purchases, a sale that was announced by USDA per its daily reporting rules last week. Other top buyers included routine importers Mexico, Japan and South Korea.
Net soy export sales last week were also below trade forecasts at 594,700 tonnes, all for shipment in the current marketing year, USDA data showed. Sales totalling 850,000-1 million tonnes had been expected.
The soy sales were down 12% from the previous week and the lowest in a month.
Net export sales of all varieties of US wheat dropped 20% last week to a seven-week low of 399,400 tonnes, USDA said.