Corn exports stumble again

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Corn net sales dropped by 515,700 metric tons (MT) to 1,202,900 MT for 2013-2014, according to the USDA’s latest “U.S. Export Sales” report released on Friday.

The report shows that this is 30 percent lower than last week’s report.

These sales were reported for Mexico (301,400 MT), Japan (226,800 MT, including 50,600 MT switched from unknown destinations and decreases of 73,000 MT), South Korea (150,900 MT), China (115,700 MT, including 47,300 MT switched from unknown destinations and decreases of 5,400 MT), unknown destinations (90,300 MT), and Saudi Arabia (74,000 MT), were partially offset by decreases for Venezuela (5,000 MT). 

Exports of 463,800 MT were primarily to Mexico (134,800 MT), China (121,000 MT), Japan (51,900 MT), Peru (32,200 MT), and Guatemala (28,600 MT). 

On Thursday, corn futures declined modestly as farmers wrapped up a record corn harvest.  Overnight futures rose slightly on ideas that the EPA will soon announce a cut to the U.S. ethanol mandate for next year.  Also, overnight news that China will likely continue importing corn and soybeans supported prices.  December corn futures gained 0.25 cents to $4.2675/bushel early Friday morning, while May added 0.25 to $4.4525.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,202,862 1,718,632 -515,770
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,515,970 636,289 391,518
High 4,555,497 4,555,497 4,555,497
Low 437,384 58,187 -113,214
 
 
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Soybean net sales also slid, dropping by 169,863 MT to 848,522 MT. This is a 10-week low and 17 percent lower than last week’s report.

These sales were reported for China (667,100 MT, including 172,700 MT switched from unknown destinations and decreases of 132,700 MT), the Netherlands (91,300 MT, including 91,000 MT switched from unknown destinations), Mexico (63,100 MT), Spain (58,100 MT, switched from the United Kingdom), and Bangladesh (50,000 MT). 

Decreases were reported for unknown destinations (231,000 MT) and the United Kingdom (60,000 MT). 

Net sales of 60,600 MT for 2014/2015 were reported for China (60,000 MT) and Japan (15,600 MT).  Decreases were reported for Morocco (15,000 MT).  Exports of 2,065,300 MT were primarily to China (1,515,300 MT), the Netherlands (91,300 MT), Thailand (78,700 MT), Mexico (71,300 MT), and Spain (58,100 MT). 

The soy complex traded uncertainly again on Thursday as plentiful post-harvest soybean supplies limited the upside potential of beans and meal. Overnight, the soy complex was mixed on news that the U.S. had been shut out of a large South Korean soymeal tender. Improved planting conditions in Argentina appeared negative as well. January soybean futures dipped 5.25 cents to $12.9225/bushel around dawn Friday, while December soyoil rallied 0.21 cent to 41.18 cents/pound, and December soymeal slid $2.3 to $422.3/ton.

EPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 848,522 1,018,385 -169,863
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,734,214 641,910 442,963
High 4,742,012 4,742,012 4,742,012
Low 848,522 5,119 -206,312
 
 
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