Corn net sales took a hit this week in the USDA’s weekly “U.S. Export Sales report,” falling 61 percent from last week’s report to 152,900 metric tons (MT) for 2012-2013. This is also 44 percent lower than the 4-week average and 31,793 MT above the 10-week average.

Increases for Japan (178,000 MT, including 132,800 MT switched from unknown destinations and decreases of 5,600 MT), Venezuela (70,600 MT, including 63,600 MT switched from unknown destinations), Mexico (68,800 MT), El Salvador (5,200 MT, including 4,800 MT switched from Guatemala), and Taiwan (4,100 MT), were partially offset by decreases for unknown destinations (176,500 MT) and Guatemala (3,600 MT). 

Net sales of 1,590,800 MT for 2013/2014 were primarily for China (1,263,000 MT), unknown destinations (212,600 MT), and Japan (61,000 MT).  Exports of 407,300 MT were up 53 percent from the previous week and 49 percent from the prior 4-week average. 

The primary destinations were Japan (174,000 MT), Venezuela (102,600 MT), Mexico (50,700 MT), and Costa Rica (27,500 MT). 

On Wednesday the corn market turned downward as Corn Belt forecasts improved once again. Traders can probably look forward to much more of the same over the next few weeks. Overnight futures dipped on improved weather forecasts. September corn futures slid 3.25 cents to $5.3525/bushel early Thursday morning, while December fell 5.25 cents to $4.9675.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 152,910 391,987 -239,077
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 184,703 228,612 212,733
High 391,987 400,347 400,347
Low 81,499 81,499 -49,809
 
 
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The report also showed that soybean net sales of 110,600 MT for 2012-2013 were up noticeably from the previous week and from the prior 4-week average. 

Increases for Mexico (69,400 MT), Thailand (20,000 MT), South Korea (13,000 MT), Japan (9,400 MT, including 9,000 MT switched from unknown destinations and decreases of 300 MT), and Taiwan (5,400 MT), were partially offset by decreases for unknown destinations (9,000 MT) and Indonesia (600 MT).

Net sales of 591,700 MT for 2013/2014 were primarily for unknown destinations (257,600 MT) and China (240,500 MT).  Exports of 121,300 MT were up 57 percent from the previous week, but down 5 percent from the prior 4-week average. 

The primary destinations were Mexico (75,700 MT), Japan (14,700 MT), Vietnam (10,400 MT), Taiwan (6,200 MT), and Indonesia (6,100 MT). 

The soy complex was mixed on Wednesday as talk that cash bids across the Corn Belt have declined may have limited strength in old crop soy prices. The coy complex continued to be mixed overnight through Thursday morning as lower cash bids across the Corn Belt may have undercut nearby beans and meal, with favorable weather forecasts depressing their deferred counterparts. August soybean futures dipped 5.5 cents to $14.72/bushel just after dawn Thursday, while August soyoil bounced 0.09 cents to 45.88 cents/pound and August soymeal slipped $2.3 to $466.8/ton.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 110,600 -70,921 181,521
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 50,022 299,408 236,049
High 183,480 1,608,774 1,608,774
Low 14,451 14,451 -206,312
 
 
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