Friday, September 7, 2012

Corn, Soybean Exports Fall Says USDA

A Friday report from the U.S. Department of Agriculture said exports for corn and soybeans dropped for the week ending August 30.

Corn exports plummeted to 235,400 metric tons, down 37 percent from the prior week, and a huge 55 percent from its four-week average. Major buyers were China, Japan, Taiwan, Mexico, Cuba and Jamaica.

Soybean exports plunged to 414,300 metric tons, dropping 23 percent from the prior week, and 16 percent from its four-week average. Major acquisitions came from China, Taiwan, Indonesia, Thailand and Mexico.

Corn exports for the marketing year ending August 30 dropped 16 percent from the previous year. A stronger U.S. dollar and higher corn prices were the impetus behind the lower exports.

Exports for soybeans were lower by 8 percent for the same time period.

The largest importers of U.S. corn were Japan, accounting for 31 percent of the total; Mexico with 25 percent; and China with 13 percent.

As usual, China was the largest importer of U.S. soybeans, acquiring 64 percent of all U.S. soybean exports. Mexico was far behind at 8 percent.