Corn Export Sales Fall Well Short of Expectations

March 29, 2012

By: Meghan Pedersen, Pro Farmer Associate Editor

The Weekly Export Sales Report for the week ended March 22, 2012, showed a marked slowdown in U.S. corn buying with net sales of 130,700 metric tons (MT) for 2011-12 representing a marketing year low. Wheat export sales slid in just below expectations and soybean sales were within expectations but near the bottom of the average pre-report trade guess range. Soymeal sales were strong, but soyoil sales were disappointing. Net sales reductions of beef following 52,000 MT in sales the week prior was also a letdown. Cotton sales were decent, but nothing to write home about.

USDA Weekly Export Sales Report
Week Ended March 22, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 157,700 MT
2011-12: 130,700 MT
2012-13: 27,000 MT

Trade Expectations

650,000 to 800,000 MT

Weekly Sales Details

Net sales of 130,700 MT — a marketing-year low — resulted as increases for Japan (126,200 MT, including 86,500 MT switched from unknown destinations and decreases of 1,200 MT), Mexico (48,100 MT), El Salvador (40,500 MT, including 18,500 MT switched from unknown destinations and decreases of 1,300 MT), Guatemala (33,600 MT, including 52,100 MT switched from unknown destinations and decreases of 20,800 MT), Taiwan (27,800 MT), and Venezuela (20,000 MT), were partially offset by decreases for unknown destinations (158,900 MT), the Dominican Republic (38,500 MT), and Costa Rica (12,800 MT). Net sales of 27,000 MT for delivery in the 2012-13 marketing year were reported for Guatemala (12,000 MT), El Salvador (9,000 MT), and Costa Rica (6,000 MT).

Weekly Export Details