Exports: Corn sales still sliding

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In the USDA’s latest “U.S. Export Sales” report, corn net sales of 593,600 metric tons (MT) were reported for the 2013-2014 marketing year, marking a 10-week low and 41 percent lower than last week’s report.

These sales were reported for China (362,600 MT, including 306,000 MT switched from unknown destinations and decreases of 4,000 MT), South Korea (123,000 MT, including 60,000 MT switched from unknown destinations), Cuba (100,000 MT), Mexico (62,100 MT), Japan (34,000 MT), and Peru (30,000 MT). 

Decreases were reported for unknown destinations (158,800 MT) and Guatemala (1,900 MT).  Exports of 1,042,100 MT were primarily to China (587,900 MT), Mexico (172,400 MT), Japan (130,200 MT), South Korea (66,900 MT), and Guatemala (20,900 MT). 

Concerns about Chinese demand seemingly undercut corn futures Wednesday night after Chinese officials rejected five recent shipments of U.S. corn contaminated with an unapproved GMO strain early Wednesday morning. This news did little to depress CBOT futures yesterday, but an overnight report from Chinese officials arguing that their future corn consumption will grow more slowly seemed to weigh upon Chicago prices. March corn dropped 4.25 cents to $4.3225/bushel in early Thursday trading, while May lost 4.25 to $4.4025.

  Sales 593,642 1,006,980 -413,338
Average 1,517,423 743,067 421,327
High 4,555,497 4,555,497 4,555,497
Low 593,642 58,187 -113,214

The report also showed that soybean net sales of 805,200 MT for 2013-2014 marketing year were reported for unknown destinations (298,500 MT), Spain (132,100 MT), Mexico (86,600 MT), the Netherlands (75,200 MT, including 70,000 MT switched from unknown destinations), and Thailand (66,100 MT, including 60,000 MT switched from China). 

Decreases were reported for Canada (11,200 MT).  Net sales of 355,600 MT for 2014/2015 were reported for unknown destinations (175,000 MT), China (170,000 MT), and Mexico (10,600 MT).  Exports of 1,878,100 MT were primarily to China (1,420,100 MT), Thailand (87,600 MT), the Netherlands (75,200 MT), Spain (72,100 MT), Japan (39,200 MT), and Taiwan (37,800 MT).   

Soybeans bumped up against major technical resistance on Thursday. January soybean futures slid 4.25 cents to $13.2525/bushel early Thursday morning, while January soyoil sagged 0.12 cents to 40.23 cents/pound, and January soymeal declined $1.0 to $429.3/ton.

  Sales 805,241 1,405,911 -600,670
Average 1,498,364 777,854 492,064
High 4,742,012 4,742,012 4,742,012
Low 805,241 5,119 -206,312

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