Corn cancellations exceed sales by 315,600 t, says USD

On Thursday, April 4th, the U.S. Department of Agriculture (USDA) reported that corn cancellations exceeded sales by 315,600 tons from the 2022/23 crop in the week ending April 27.

The sales – which had their lowest volume of the season – were significantly below the previous week and the average of the previous four weeks.

The main buyers of the week were Japan (193.3 thousand t), Taiwan (74.4 thousand t), Guatemala (37 thousand t), Colombia (34.8 thousand t), and Mexico (28.7 thousand t), which did not offset the cancellations made by China (562.8 thousand t), undisclosed destinations (168.8 thousand t), Panama (26 thousand t), South Korea (2.7 thousand t) and Hong Kong (100 t).

For the 2023/24 corn crop year, sales of 121 thousand tons were reported. The main buyers were Mexico (97.3 thousand t), El Salvador (20 thousand t), and Costa Rica (3.7 thousand t).

The volume was within the forecast of analysts consulted by Dow Jones Newswires, who expected cancellations of 450 thousand tons to sales of 700 thousand tons.

Shipments totaled 1.699 million tons in the week – maximum volume during the season – 58% above the previous week and 54% higher than the average of the previous four weeks.

The main destinations were Japan (591.8 thousand tons), Mexico (401.5 thousand tons), China (201.8 thousand tons), Colombia (175.9 thousand tons), and Taiwan (75.3 thousand tons).

Source: Money Times

To read the original article, access: https://www.moneytimes.com.br/cancelamentos-superam-vendas-de-milho-nos-eua-em-3156-mil-t-da-safra-2022-23-diz-usda/

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