Exports: Corn net sales take a dip

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According to the USDA’s latest “Weekly Export Sales” report, corn net sales of 960,600 metric tons (MT) for 2013-2014 were down 32 percent from last week and 12 percent from the four-week average. 

Increases were reported for Japan (236,500 MT, including 118,300 MT switched from unknown destinations), South Korea (184,600 MT, including 60,000 MT switched from Japan and decreases of 3,200 MT), Egypt (136,200 MT, including 60,000 MT switched from China), Guatemala (106,500 MT, including 20,700 MT switched from unknown destinations, 4,900 MT switched Nicaragua, and 1,900 MT switched from Costa Rica), Colombia (92,300 MT, including 56,900 MT switched from unknown destinations and decreases of 5,600 MT), Taiwan (73,100 MT, including 63,000 MT switched from unknown destinations), Saudi Arabia (69,000 MT, including 65,000 MT switched from China), and Mexico (60,100 MT). 

Decreases were reported for China (221,400 MT), Honduras (2,500 MT), and Nicaragua (1,200 MT).  Net sales of 37,900 MT for 2014-2015 were reported for Costa Rica.  Exports of 1,425,700 MT were up 16 percent from last week and 36 percent from the four-week average.  The primary destinations were Japan (324,800 MT), Egypt (261,200 MT), Mexico (207,600 MT), Colombia (163,000 MT), South Korea (123,300 MT), Taiwan (74,400 MT), and Saudi Arabia (69,000 MT). 

Doane Advisory Services reports corn bouncing from technical support overnight into Thursday. After trending upward in response to demand strength and dryness over the central U.S. lately, corn joined the other crop markets in dropping on Wednesday. Ongoing rains and forecasts for much more of the same apparently sent them lower. However, yellow grain prices bounced back overnight, which seemingly reflected the emergence of strong buying at moving average support. May corn climbed 4.5 cents at $5.0025/bushel early Thursday morning, while December added 4.5 to $5.015.

  Sales 960,635 1,408,279 -447,644
Average 1,165,620 1,144,819 1,025,039
High 1,837,865 4,555,497 1,837,865
Low 683,416 154,543 155,262

The report also showed that soybean net sales of 66,200 MT for 2013/2014 resulted as increases for China (51,200 MT), Mexico (30,400 MT), Malaysia (25,300 MT, Including 24,000 MT switched from unknown destinations), Japan (22,300 MT, including 8,500 MT switched from unknown destinations), and Indonesia (8,300 MT), were partially offset by decreases for unknown destinations (92,500 MT). 

Net sales of 19,300 MT for 2014-2015 were reported for Mexico (10,900 MT), China (5,000 MT), the Philippines (1,800 MT), Vietnam (1,000 MT), and Canada (700 MT).  Exports of 659,400 MT were down 8 percent from the previous week and 31 percent from the prior 4-week average. 

The primary destinations were China (312,000 MT), Mexico (99,200 MT), Turkey (69,200 MT), Indonesia (52,800 MT), and Malaysia (32,800 MT).

The soy complex also rebounded overnight. Wednesday’s soy breakdown was seemingly triggered by improved moisture prospects for the central U.S. and by widespread profit-taking on previously established longs. However, the old crop situation apparently remains quite tight, so it isn’t terribly surprising to see futures rising again this morning. May soybeans surged 11.0 cents to $14.7325/bushel in predawn Thursday trading, while May soyoil ran up 0.55 cents to 41.40 cents/pound, and May soymeal gained $2.9 to $479.4/ton.

  Sales 66,175 11,879 54,296
Average 282,600 782,442 337,416
High 772,736 4,742,012 772,736
Low 11,879 11,879 11,879

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