Exports: Corn net sales plunge 55% lower

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According to the USDA’s latest “Weekly Export Sales” report, corn net sales of 683,400 metric tons (MT) for 2013-2014 were down 55 percent from the previous week and 37 percent from the four-week average.

Increases were reported for Japan (262,400 MT, including 154,200 MT switched from China and 38,400 MT from unknown destinations, and decreases of 800 MT), South Korea (212,200 MT), Taiwan (145,500 MT, including 56,900 MT switched from unknown destinations and decreases of 800 MT), Colombia (108,300 MT, including 30,000 MT switched from unknown destinations), and Mexico (101,500 MT). 

Decreases were reported for unknown destinations (362,600 MT) and China (116,500 MT).  Net sales of 103,600 MT for 2014-2015 were reported for unknown destinations (101,600 MT) and Mexico (2,000 MT).  Exports of 907,400 MT were down 20 percent from the previous week and 2 percent from the prior 4-week average.  The primary destinations were Japan (351,300 MT), Taiwan (126,000 MT), Mexico (118,700 MT), Saudi Arabia (80,000 MT), and Peru (64,900 MT). 

Doane Advisory Service reports corn futures again followed wheat higher Wednesday night. The corn market lacked for news overnight, which may partially explain its close association with gains in the wheat market. May corn gained 3.0 cents to $4.915/bushel early Thursday morning, while December added 2.5 to $4.8875.

EPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 683,416 1,518,009 -834,593
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,021,080 1,105,163 1,021,080
High 1,837,865 4,555,497 1,837,865
Low 155,262 154,543 155,262
 
 
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The report also showed that soybean net sales of 113,500 MT for 2013-2014 were down 85 percent from the previous week and 65 percent from the four-week average. While the loss is signficiant, it remains above the 27-week low set in early February.

Increases reported for Mexico (136,400 MT), Japan (65,600 MT, including 45,000 MT switched from unknown destinations and decreases of 2,700 MT), Taiwan (52,100 MT, including 60,000 MT switched from unknown destinations and decreases of 15,200 MT), Colombia (12,100 MT), and Indonesia (7,300 MT), were partially offset by decreases for unknown destinations (96,000 MT) and China (81,800 MT).  Net sales of 776,900 MT for 2014/2015 were reported primarily for China (593,000 MT), unknown destinations (141,500 MT), and Mexico (39,000 MT). 

Exports of 863,200 MT were down 27 percent from the previous week and 40 percent from the prior 4-week average.  The primary destinations were China (389,500 MT), Mexico (93,500 MT), Japan (75,900 MT), Taiwan (73,600 MT), and Egypt (65,000 MT).

The soy complex firmed in the wake of recent losses. Talk that Chinese interests will soon cancel previous orders of both U.S. and Brazilian beans sent CBOT futures tumbling Wednesday. However, the most-active May contract bounced significantly from midsession lows and closed just above its 20-day moving average. Soybean and meal futures inched upward overnight. May soybeans inched up 0.25 cent to $13.8725/bushel Wednesday night, while May soyoil skidded 0.10 cents to 43.32 cents/pound, and May soymeal edged up $0.2 at $436.7/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 113,537 772,736 -659,199
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 410,612 959,203 410,612
High 772,736 4,742,012 772,736
Low 86,266 86,266 86,266
 
 
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