Exports: Corn dives to 27-week low

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

According to the USDA’s latest U.S. Export Sales report, corn net sales reductions of 49,800 MT for the 2012-2013 marketing year were down noticeably from last week and the 4-week average.  It also marks the lowest corn net sales in 27 weeks.

Increases reported for China (57,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), Jamaica (20,100 MT), Mexico (8,800 MT), Saudi Arabia (6,200 MT), and Honduras (5,400 MT), were more than offset by decreases for Colombia (72,500 MT), unknown destinations (64,600 MT), the Dominican Republic (11,200 MT), and Taiwan (5,100 MT). 

Net sales of 206,400 MT for the 2013/2014 marketing year were for unknown destinations (136,200 MT), Mexico (60,000 MT), and China (10,200 MT).  Exports of 367,200 MT were up 24 percent from the previous week and 27 percent from the prior 4-week average.  The primary destinations were Mexico (88,700 MT), Japan (88,000 MT), Saudi Arabia (70,000 MT), China (54,500 MT), and Taiwan (34,100 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 63,000 MT, all South Korea.  For MY 2013/2014, outstanding optional origin sales total 30,000 MT, all Mexico.

On Wednesday corn futures moved sharply lower in reaction to improving U.S. crop prospects and renewed concerns about export prospects. Traders were reluctant to sponsor fresh long positions ahead of Thursday’s Export Sales report and Friday’s World Agricultural Supply and Demand Estimates (WASDE) report. Futures bounced modestly on Thursday, reflecting firming soybean prices. May corn rose 0.5 cent to $6.89/bushel in overnight action, whereas December edged downward 0.25 cent to $5.44.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -49,809 302,577 -352,386
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 178,937 240,080 193,359
High 393,341 1,881,967 393,341
Low -49,809 -49,809 -49,809
 
 
Chart

The report also found that soybean net sales of 392,000 MT for the 2012-2013 marketing year were down 43 percent from the previous week, but up 23 percent from the prior 4-week average. 

Increases reported for the Netherlands (130,100 MT, including 128,000 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (114,900 MT), China (91,900 MT), Indonesia (37,300 MT), Vietnam (20,400 MT), and unknown destinations (17,100 MT), were partially offset by decreases for Panama (20,000 MT), Colombia (8,600 MT), Egypt (5,900 MT), and Canada (4,500 MT).  Net sales of 990,600 MT for delivery in the 2013/2014 marketing year were primarily for China (934,000 MT) and unknown destinations (55,000 MT). 

Exports of 1,094,900 MT were up 33 percent from the previous week and 3 percent from the prior 4-week average.  The primary destinations were China (666,600 MT), the Netherlands (130,100 MT), Mexico (101,000 MT), Egypt (54,100 MT), Taiwan (41,000 MT), Japan (37,500 MT), and South Korea (26,400 MT).

Optional Origin Sales:   For MY 2013/2014, outstanding optional origin sales total 130,000 MT, all China.  

On Wednesday soybean futures were mixed, with nearby contracts dipping while the deferred rose slightly. Weakness stemmed from a wet forecast for Argentina. Like corn, the Export Sales and WASDE reports made traders hesitant to buy aggressively.  Futures rose moderately overnight into Thursday, likely caused by a 1.3 million ton reduction in Brazil’s soybean harvest forecast. May soybeans gained 3.75 cents to $14.6975/bushel early Thursday morning, while May soyoil edged 0.04 cents higher to 50.30 cents/pound, and May meal gained $1.4 to $436.7/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 392,011 689,002 -296,991
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 610,409 696,263 494,262
High 1,608,774 2,645,023 1,608,774
Low 321,803 5,146 -119,526
 
 
Chart

Prev 1 2 Next All



Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form