Del.icio.us  Digg  facebook  MySpace  Twitter  Google  Bookmark Me  LinkedIn  StumbleUpon  Permalink

Corn Exports Remain Lackluster

Traders didn't have high hopes for corn totals in today's weekly export report – and their low expectations were met. Net new bookings for the latest week came in under 22 million bushels, as buyers continue to keep their distance from higher prices this month. The only comforting facts emerging from today's report for corn is that the pace of both sales and shipments is about average for this time of year, when compared to USDA's forecast for the 2010 crop.

Japan and South Korea led the list of corn buyers, with a smattering of other small deals done mainly in the Americas. Export shipments were also weak at 22.3 million bushels, one reason for the lousy basis seen in much of the Corn Belt this fall.

Soybean business, by contrast, continues to set records, beating even optimistic guesses from the trade. Net new bookings hit 74.4 million bushels, 10 million more than expectations, with China taking two-thirds of the total. Shipments were also very strong at 71.1 million bushels, as slots from Toledo to the Texas Gulf are being used to move record purchases. USDA this morning also announced the sale of another 11.2 million bushels to unknown destinations under its daily reporting system for large purchases.

Wheat exports were above both trade guesses and the weekly rate needed the rest of the marketing year to meet USDA's forecast, with the total for the week at 22.2 million bushels. Egypt was the leading buyer, finally taking some soft red winter wheat, though spring wheat sales surged for the week. Other buyers in Asia and the Americas are being more cautious, generally only taking a load or so at a time.

For the complete export report, click HERE.