Corn net sales climb 25% higher

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In the USDA’s latest Weekly Export Sales report, corn net sales for 2013-2014 were up 25 percent from the previous week at 363,000 metric tons (MT). This is also up 36 percent from the four-week average.

Increases were reported for South Korea (199,000 MT, including 120,000 MT switched from unknown destinations, 60,000 MT switched from China, and decreases of 2,300 MT), Japan (188,600 MT, including 131,000 MT switched from unknown destinations and decreases of 22,200 MT), Egypt (126,000 MT, including 60,000 MT switched from unknown destinations), Taiwan (99,400 MT, including 63,000 MT switched from unknown destinations), Venezuela (60,000 MT, including 62,000 MT switched from unknown destinations and decreases of 2,000 MT), and Peru (46,700 MT, including 33,000 MT switched from unknown destinations). 

Decreases were reported for unknown destinations (424,900 MT), China (60,600 MT), Guatemala (4,000 MT), and Nicaragua (1,300 MT). 

Corn net sales of 381,600 MT for 2014-2015 were reported primarily for Egypt (176,000 MT), unknown destinations (122,500 MT), Japan (45,600 MT), and New Zealand (25,000 MT).  Decreases were reported for China (3,000 MT). 

Exports of 1,207,100 MT were up 33 percent from the previous week and 15 percent from the prior 4-week average.  The primary destinations were Japan (334,100 MT), Mexico (233,000 MT), South Korea (181,700 MT), Taiwan (81,500 MT), Venezuela (80,000 MT), the Netherlands (66,000 MT), Egypt (66,000 MT), and Morocco (64,500 MT). 

On Thursday morning, corn futures were about 2 cents higher after seven consecutive days of closing lower, according to Doane Advisory Service. September corn is 2 cents higher to $3.9325/bushel while December is 2 cents higher to $4.00.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 362,998 290,696 72,302
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 367,798 734,109 734,109
High 621,311 1,837,865 1,837,865
Low 109,031 109,031 109,031
 
 
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The report also showed that soybean net sales of 56,300 MT for 2013-2014 were up 39 percent from the previous week, but down 59 percent from the four-week average. 

Increases were reported for China (59,200 MT), Taiwan (27,000 MT), Japan (21,100 MT, including 18,000 MT switched from unknown destinations), Thailand (17,100 MT), and Vietnam (7,900 MT).  Decreases were reported for unknown destinations (86,000 MT). 

Soybean net sales of 526,500 MT for 2014-2015 were primarily for China (399,500 MT) and unknown destinations (108,000 MT).  Exports of 89,500 MT were down 29 percent from the previous week and 37 percent from the prior 4-week average.  The primary destinations were Mexico (34,300 MT), Japan (21,900 MT), Indonesia (13,300 MT), Thailand (7,500 MT), and Taiwan (3,800 MT)

Doane Advisory Service shows a rebound in overnight trading for the soybean market. August soybeans gained 11.25 cents to $12.5775/bushel, and November rose 8.75 cents to $11.125. August soyoil surged 0.25 cents to 37.39 cents/pound, while August soymeal ascended $4.5 to $410.6/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 56,261 40,596 15,665
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 97,901 209,544 201,783
High 317,157 772,736 772,736
Low 40,596 782 -16,421
 
 
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