Corn, soy export sales defy expectations
KANSAS CITY — Net export sales of corn in the week ended Nov. 29 were sharply lower than analysts’ expectations while soybean and soybean meal net export sales were much higher than what the trade expected.
The U.S. Department of Agriculture said a total of 51,600 tonnes of corn was sold for delivery in the current 2012-13 marketing year and net reductions of 4,200 tonnes in the 2013-14 marketing year during the week ended Nov. 29. Expectations for the period were 300,000 tonnes to 500,000 tonnes. Strong U.S. corn prices following the summer drought have curbed foreign interest in U.S. corn.
Soybean net export sales for the week were 1,142,700 tonnes for 2012-13 and 1,000 tonnes for 2013-14, the U.S.D.A. said, well above trade expectations of 450,000 tonnes to 750,000 tonnes. China was the primary buyer in the latest week, taking 509,600 tonnes, or 45%, of the total for 2012-13.
The U.S.D.A. reported soybean cake and meal net export sales in the latest week at 463,600 tonnes for the current marketing year and 1,200 tonnes for marketing year 2013-14. Analysts had forecast net export sales of 150,000 tonnes to 300,000 tonnes.
Net sales of soybean oil during the week totaled 19,000 tonnes, which was below trade expectations of 30,000 to 80,000 tonnes.
For the marketing year to date, net export sales commitments of corn were 46% behind the same period a year earlier, soybeans were up 29%, soybean meal was up 37% and soybean oil was up 320%.
Wheat export sales for the week ended Nov. 29 totaled 353,100 tonnes for 2012-13, which was within the range of trade expectations. Marketing year-to-date sales commitments for wheat were down 11% from the same period last year.