Corn exports increased this week for the fourth time in the past six weeks. Analysts expect U.S. corn sales and exports to increase with news of Ukraine failing to meet contract deadlines for delivery to China this year. The Chinese are having domestic corn problems of their own as reports have surfaced of corn left in the elements due to lack of storage infrastructure, which has caused millions of tons to mold. Wheat exports increased from last week, but soybeans exports fell to below 2 million metric tons (MT) for the first time in eight weeks. Corn and soybeans sales decreased, while wheat sales increased.
Chinese officials announced an agreement has been made to begin accepting the MIR-162 corn trait, commonly known as Syngenta’s Viptera corn. The MIR-162 trait has been the cause of much dispute; China canceled several barge loads of U.S. corn last year due to detection of the previously unapproved MIR-162 trait in the shipments. The cancelations prompted companies like Archers Daniel Midland, Bunge, and Cargill as well as a significant number of farmers to file suit against Syngenta, claiming negligence and false claims of the traits imminent approval.
Weekly net corn sales were 693,500 MT, a 28% decrease from last week and 25% decrease from the prior 10-week average. Increases were reported from unknown destinations, Mexico, Japan, Peru, and South Korea. Decreases were reported from Taiwan, Guatemala, and the Dominican Republic. Exports were 754,000 MT, an 11% increase from last week and a 10% increase from the prior 10-week average. The primary destinations were Japan, Mexico, Peru, South Korea, and Venezuela.
Weekly net soybean sales were 696,100 MT, a 14% decrease from last week and a 42% decrease from the prior 10-week average. Increases were reported from China, the Netherlands, Mexico, Indonesia, Japan, Portugal, and Canada. Decreases were reported from unknown destinations. Exports were 1,896,000 MT, a 21% decrease from last week and a 13% decrease from the prior 10-week average. Primary destinations were China, the Netherlands, Spain, and Portugal.
Weekly net wheat sales were 476,300 MT, a, 8% increase from last week and a 29% increase from the prior 10-week average. Increases were reported from Japan, Mexico, Nigeria, and Italy. Decreases were reported from the Philippines, Belize, and the Leeward and Windward Islands. Exports were 413,700 MT, a 25% increase from last week and a 9% increase from the prior 10-week average. Primary destinations were Japan, Mexico, the Philippines, South Korea, and Taiwan.
Source: USDA Foreign Agricultural Service
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