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Corn Sales Lag Again This Week

Foreign buyers continue to resist higher prices for U.S. corn, according to the latest data from USDA. Today's weekly totals for corn came in at just 22.1 million bushels, under last week's showing, trade expectations and the weekly rate forecast by USDA for the rest of the marketing year.

Shipments of corn did pick up in the latest week, topping 39 million, with the pace of both shipments and total commitments stronger than normal.

Most buyers this week took relatively small amounts, and South Korea was missing from the list of big takers, though it booked 6.5 million bushels earlier this week.

The lackluster performance in corn was offset by mostly stellar numbers in soybeans and wheat. Net new bean bookings reached almost 40 million bushels, well above trade guesses, with China taking three quarters of the total. The world's premier soybean buyer has also been an aggressive buyer this week, with USDA announcing big sales under its daily reporting system, which will show up in next week's report. The government announced more sales today, with China and unknown destinations each taking another 4.4 million bushels.

Soy shipments continue to run a little slow, less than 13 million bushels, as few new crop beans have hit the pipeline so far this fall.

Wheat sales were also good, at least for the current marketing year. Sales of 2010 wheat hit almost 35 million bushels, with Egypt the leading buyer. USDA also confirmed part of yesterday's snap tender from Egypt, but announced another cancellation of 2011 crop wheat, which reduced total new bookings for the week.

For the complete export report, click HERE.