Market Matters Blog
Pat Hill DTN Markets Editor

Monday Nov 23, 2009

Sluggish Corn Exports Pace

Corn exports have been sluggish this fall, with plenty of competition, but it may be too soon to say whether that trend will continue. [DTN chart by Joel Karlin]

USDA lowered its target for corn exports in the last supply and demand estimates, and another revision could be forthcoming, according to DTN contributor Joel Karlin.

USDA's World Ag Outlook Board, in the World Ag Supply and Demand Estimates (WASDE) November 10 report, put annual corn exports at 2.1 billion bushels, down 50 m bu from the October estimate.

"With nearby futures priced close to $4.00 per bushels, our overseas sales continue to be sluggish as the trade contemplates further reductions in the export figure," Karlin told DTN subscribers.

Shipments are running at the slowest pace in seven years, and sales are at the slowest pace in five years, Karlin stated.

"These figures do not necessarily mean more export cuts are forthcoming, as prior years with similar slow paces saw improvements later in the year," Karlin said. "Conversely, we have also seen years with much higher percent sold and shipped, only to see final exports lower than the Nov WASDE estimate."

The inspections report released Monday morning continued the bearish performance, with corn inspected for export the week ending Nov. 19 totaling just 25.6 million bushels, well below the 42.7 m bu needed to stay on pace.

Posted at 02:51PM CST Nov 23, 2009 by Pat Hill
Comments (1)
With the fact that there is only so much freight how could we expect corn shipments to be very good with the type of shipments we have seen on beans.......believe today's numbers where the highest in 35 years for beans.........plus the maket via the carry structure isn't exactly telling producers and or elevators to ship the corn......it has been saying ship and sell beans........and sell the carry for the other crops..........so in my honest opinion we should be lagging and yet it has to be a concern; but more a caution then anything else.......
Posted by Jeremey Frost at 03:20PM CST Nov 23, 2009
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