Weekly corn export sales fall 90%
WASHINGTON — Net export sales of US corn in the week ended Dec. 26 tumbled 90 percent from a week earlier, 80 percent from the prior four-week average and fell well short of trade expectations. Part of the decline was the result of a 116,000-tonne cancellation of prior sales by China, and another 209,400-tonne cancellation by “unknown destination,” which often is seen by the trade as China.
Net export sales of US corn for the week were 154,500 tonnes for delivery in the current 2013-14 marketing year and another 20,300 tonnes for delivery in 2014-15, the USDA said. The combined total fell well short of trade expectations that ranged from 250,000 to 900,000 tonnes, which was a wider range than usual.
Earlier in December it was reported that China rejected 545,000 tonnes of US corn shipments due to the discovery of an unapproved bioengineered strain of corn. Late in December, China also rejected 2,000 tonnes of distillers’ dried grain for the same reason.