Corn net sales drop 26% lower

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According to the USDA’s latest Weekly Export Sales report, corn net sales of 409,700 metric tons (MT) for 2013-2014 were down 26 percent from the previous week and 17 percent from the 4-week average. 

Increases were reported for Japan (183,900 MT, including 79,100 MT switched from unknown destinations and decreases of 24,100 MT), Egypt (154,000 MT, including 20,000 MT switched from unknown destinations), Mexico (120,500 MT), Vietnam (55,300 MT, including 60,000 MT switched from unknown destinations and decreases of 4,700 MT), and Colombia (55,000 MT, including 40,000 MT switched from unknown destinations and decreases of 28,500 MT). 

Decreases were reported for unknown destinations (241,800 MT), Guatemala (11,200 MT), and South Korea (1,200 MT).  Net sales of 105,500 MT for 2014/2015 were reported primarily for unknown destinations (100,400 MT) and Nicaragua (5,000 MT). 

Exports of 1,070,500 MT were down 8 percent from the previous week and 5 percent from the 4-week average.  The primary destinations were Japan (318,500 MT), Mexico (197,700 MT), Egypt (119,800 MT), Taiwan (83,800 MT), Colombia (71,300 MT), South Korea (66,900 MT), and Vietnam (55,300 MT). 

Doane Advisory Service reports grain markets were mixed overnight. Wednesday’s WASDE report was generally bearish for the crop markets and sent corn futures to fresh spring lows. July corn skidded 0.5 cent to $4.405/bushel early Thursday morning, while December was lost 0.5 to $4.415.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 409,696 550,683 -140,987
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 541,126 810,828 814,642
High 937,920 1,837,865 1,837,865
Low 161,266 154,543 155,262
 
 
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The report also showed that soybean net sales of 86,700 MT for 2013-2014 were up noticeably from the previous week and 2 percent from the prior 4-week average.  Increases reported for Indonesia (46,500 MT, including 25,300 MT switched from unknown destinations), Mexico (41,500 MT), Taiwan (14,800 MT), Vietnam (9,800 MT) and the Philippines (9,200 MT), were partially offset by decreases for unknown destinations (40,300 MT). 

Net sales of 403,300 MT for 2014-2015 were primarily for China (172,000 MT), unknown destinations (119,700 MT), Japan (27,400 MT), and Canada (27,200 MT).  Exports of 147,100 MT were down 31 percent from the previous week and 27 percent from the prior 4-week average. 

The primary destinations were Mexico (56,900 MT), Indonesia (35,600 MT), Japan (24,100 MT), Venezuela (11,100 MT), and Taiwan (6,800 MT)

The soy complex bounced from late losses reported on Wednesday. July soybeans rebounded 4.25 cents to $14.4975/bushel Wednesday night, while July surged 0.33 cents to 38.75 cents/pound, and July soymeal gained $1.9 to $484.2/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 86,659 41,309 45,350
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 61,088 312,459 214,618
High 164,435 1,108,611 772,736
Low 782 782 -16,421
 
 
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