New-Crop Corn Sale Signals Prices Becoming Competitive

April 5, 2013 03:04 AM

Private exporters reported to USDA export sales of 120,000 MT of corn for delivery to unknown destinations during the 2013-14 marketing year. The marketing year for corn began Sept. 1.

Traders will suspect this sale is to China, but in yesterday's weekly export sales report Japan, China and Guatemala were listed as buyers that had switched destination from unknown. Regardless of the destination, the recent stepped up purchases of new-crop corn signals importers are getting hungry for corn and new-crop prices are reaching levels that are stimulating demand. But the corn market has a long way to go in order to rebuild the previous large export demand base it held in 2011-12.

USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 MT or more of one commodity, made in one day to one destination, by 3 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.


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