USDA: Corn sales start 2014 steady

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In the USDA’s latest “U.S. Export Sales” report, corn net sales of 155,300 metric tons (MT) for 2013-2014 were up 1 percent from last week but down 79 percent from the four-week average. 

Increases were reported for Japan (100,200 MT, including 63,900 MT switched from China and 35,300 MT switched from unknown destinations), Mexico (70,700 MT), South Korea (55,000 MT, switched from China) and China (6,100 MT). 

Decreases were reported for unknown destinations (88,300 MT).  Exports of 603,300 MT were down 29 percent from the previous week and 34 percent from the prior 4-week average.  The primary destinations were Japan (160,200 MT), China (155,600 MT), Mexico (151,000 MT), Saudi Arabia (63,100 MT), and Colombia (36,300 MT). 

Talk of large global supplies depressed corn futures overnight in Thursday as traders reportedly expect the USDA to boost its estimates of global corn supplies on tomorrow’s big reports.  March corn futures slipped 1.75 cents at $4.1525/bushel Wednesday night, while May dipped 1.75 to $4.235/bushel.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 155,262 154,543 719
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 877,808 864,012 155,262
High 1,718,632 4,555,497 155,262
Low 154,543 58,187 155,262
 
 
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The report also showed soybean net sales of 155,500 MT--a marketing-year low--for 2013-2014 were down 84 percent from the previous week and 80 percent from the prior 4-week average. 

Increases were reported for China (387,900 MT, including 299,800 MT switched from unknown destinations and decreases of 49,200 MT), the Netherlands (65,300 MT, including 70,000 MT switched from unknown destinations and decreases of 4,700 MT), Tunisia (30,000 MT), Indonesia (22,900 MT), and Japan (15,500 MT, including 14,000 MT switched from unknown destinations and decreases of 400 MT). 

Decreases were reported for unknown destinations (394,800 MT), Singapore (8,900 MT), and Mexico (5,000 MT).  Exports of 1,675,300 MT were up 10 percent from the previous week and 9 percent from the prior 4-week average.  The primary destinations were China (1,217,800 MT), Thailand (73,400 MT), Saudi Arabia (72,600 MT), the Netherlands (65,300 MT), and Mexico (51,300 MT). 

On Thursday, the soy complex bounced despite bearish. March soybeans rebounded 6.25 cents to $12.755/bushel early Thursday morning, while March soyoil rose 0.14 cents to 37.82 cents/pound, and March soymeal added $3.3 to $415.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 155,482 943,400 -787,918
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 879,766 924,212 155,482
High 1,405,911 4,742,012 155,482
Low 155,482 5,119 155,482
 
 
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