Weekly grain report
By Tim Hannagan
23 October 2009 @ 03:25 pm EDT
Our weekly export sales for corn came in a little weak at 234 T.M.T. sold last week, down from our four week average of 761 T.M.T. This occurred as some previous purchases were cancelled and moved to 2011 crop year delivery. This is the second consecutive week of this action and suggests importers feel there is enough corn around for near term demand at value but today's price locked in maybe significantly cheaper than a year from now. Key Asian customers did increase near term purchases by 84 T.M.T. over the week prior so demand remains good but not great. Look for November demand to be exceptionally strong on the domestic cash market as local ethanol producers, feedlot operators and exporters rush in to buy when harvest finally gets underway as they're all caught short on inventory.