Exports: Corn sales plummet 90 percent

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In its weekly “U.S. Export Sales” report released on Friday, the USDA showed corn net sales at 154,500 metric tons (MT) for 2013-2014, down 90 percent from last week and 80 percent from the four-week average.

Increases were reported for Japan (207,900 MT, including 101,400 MT switched from unknown destinations), Peru (72,700 MT, including 62,000 MT switched from unknown destinations), the Dominican Republic (41,000 MT), Colombia (38,500 MT, including 35,000 MT switched from unknown destinations), and Guatemala (30,500 MT).  Decreases were reported for unknown destinations (209,400 MT), China (116,000 MT), and Nicaragua (1,300 MT).

 Net sales of 20,300 MT for 2014/2015 were reported for Mexico.  Exports of 844,400 MT were down 37 percent from the previous week and 7 percent from the prior 4-week average.  The primary destinations were South Korea (198,900 MT), Japan (184,000 MT), China (154,900 MT), Mexico (120,500 MT), and Peru (62,500 MT). 

Earlier in the week corn prices declined on news of improved South American rainfall and concerns of Chinese buying U.S. grains and products. However, corn futures bounced modestly overnight into Friday. March corn futures inched up 0.75 cent to $4.2125/bushel early Friday morning, while May added 0.5 cent to $4.295/bushel.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 154,543 1,478,536 -1,323,993
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,317,832 867,905 0
High 4,555,497 4,555,497 0
Low 154,543 58,187 0
 
 
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The report also showed that soybean net sales of 943,400 MT for 2013/2014 were up 31 percent from the previous week and 27 percent from the prior 4-week average. 

Increases were reported for China (371,100 MT), Vietnam (219,300 MT, including 126,000 MT switched from unknown destinations), Indonesia (106,800 MT, including 60,000 MT switched from unknown destinations), Egypt (104,300 MT), and Germany (76,800 MT).  Decreases were reported for unknown destinations (238,000 MT) and Costa Rica (1,400 MT). 

Net sales of 237,500 MT for 2014/2015 were reported for unknown destinations (120,000 MT), China (115,000 MT), and Japan (2,500 MT).  Exports of 1,528,100 MT were up 6 percent from the previous week, but down 6 percent from the prior 4-week average. 

The primary destinations were China (716,600 MT), Vietnam (145,200 MT), Indonesia (83,800 MT), Germany (76,800 MT), and Spain (66,600 MT). 

Like corn, the soy complex firmed in overnight action. However, the rebound may be temporary. March soybeans edged up 1.25 cents to $12.7125/bushel in early Friday trading, while March soyoil rose 0.04 cents to 38.84 cents/pound, and March soymeal crept $0.1 higher to $406.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 943,400 720,202 223,198
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,338,419 922,552 0
High 4,742,012 4,742,012 0
Low 415,508 5,119 0
 
 
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