Exports: Corn net sales bounce to 10-week high

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According to the USDA’s latest “U.S. Export Sales” repot, corn net sales of 1,837,900 metric tons (MT) for 2013-2014 were up noticeably from last week and from the four-week average.  As seen in the chart below, it also is a 10-week high.

Increases were reported for Japan (797,800 MT, including 48,500 MT switched from unknown destinations), unknown destinations (305,900 MT), Spain (270,000 MT), Egypt (120,000 MT), and South Korea (120,000 MT).  Decreases were reported for the French West Indies (5,600 MT).  Net sales of 105,700 MT for 2014/2015 were reported for Japan. 

Exports of 1,004,100 MT were up 26 percent from the previous week and 38 percent from the prior 4-week average.  The primary destinations were Japan (381,700 MT), Mexico (230,300 MT), Colombia (94,400 MT), Peru (92,200 MT), and South Korea (60,600 MT). 

Corn futures edged upward overnight as little fresh news concerning the yellow grain situation emerged last night. March corn rose 1.25 cents to $4.2875/bushel early Thursday morning, while May added 1.0 to $4.35.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,837,865 693,032 1,144,833
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 826,337 957,866 876,795
High 1,837,865 4,555,497 1,837,865
Low 154,543 58,187 155,262
 
 
Chart

The report also showed soybean net sales of 494,800 MT for 2013-2014, down 22 percent from last week and 18 percent from the four-week average. 

Increases were reported for China (251,300 MT, including 233,000 MT switched from unknown destinations), the Netherlands (209,200 MT, including 200,000 MT switched from unknown destinations), Mexico (165,100 MT), Japan (76,800 MT, including 61,300 MT switched from unknown destinations), and Spain (67,100 MT, including 60,000 MT switched from unknown destinations).  Decreases were reported for unknown destinations (610,300 MT) and Cuba (5,000 MT). 

Net sales of 371,000 MT for 2014-2015 were reported for unknown destinations (243,000 MT), China (126,000 MT), and Japan (2,000 MT).  Exports of 2,114,600 MT were up 39 percent from the previous week and 36 percent from the prior 4-week average.  The primary destinations were China (1,312,600 MT), the Netherlands (209,200 MT), Japan (128,800 MT), Spain (67,100 MT), and Germany (66,000 MT). 

Anticipation of increasing South American supplies depressed soybeans into Thursday morning, and it will likely be a while before South American soybeans hit the global market. However, the expectations for a record Brazilian crop are rather clearly weighing upon CBOT futures. March soybeans slid 3.25 cents to $12.66/bushel Wednesday night, whereas March soyoil bounced 0.10 cents to 37.20 cents/pound, and March soymeal lost $2.9 to $420.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 494,840 703,426 -208,586
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 745,412 960,918 513,811
High 1,405,911 4,742,012 703,426
Low 155,482 5,119 155,482
 
 
Chart

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