USDA: Corn net sales dip slightly

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The USDA reports in its weekly “U.S. Export Sales” report corn net sales have dipped by 137,750 metric tons (MT) to 1,700,100 MT for 2013-2014. This is down 8 percent from last week, a 10-week high, but up 94 percent from the four-week average.

Increases were reported for Japan (798,900 MT, including 117,000 MT switched from China, 83,700 MT switched from unknown destinations, and decreases of 50,000 MT), unknown destinations (311,900 MT), Spain (280,000 MT), Vietnam (78,100 MT), and Taiwan (66,500 MT, including 57,400 MT switched from China). 

Decreases were reported for China (72,400 MT) and Peru (1,400 MT).  Exports of 747,300 MT were down 26 percent from the previous week and 3 percent from the prior 4-week average.  The primary destinations were Japan (255,000 MT), Taiwan (137,000 MT), Mexico (121,700 MT), Vietnam (63,100 MT), and Venezuela (32,000 MT).   

Doane Advisory Services reports that talk of strong demand support corn futures Wednesday night into Thursday. March corn rose 1.25 cents to $4.445/bushel in early Thursday trading, and May added 1.5 to $4.49.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,700,115 1,837,865 -137,750
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 895,651 1,032,445 1,041,459
High 1,837,865 4,555,497 1,837,865
Low 154,543 58,187 155,262
 
 
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The report also showed that soybean net sales of 577,000 MT for 2013-2014 were up 59 percent from last week and 25 percent from the four-week average. 

Increases were reported for China (436,400 MT, including 180,000 MT switched from unknown destinations and decreases of 4,900 MT), Indonesia (200,400 MT, including 25,100 MT switched from unknown destinations), the Netherlands (75,700 MT, including 70,000 MT switched from unknown destinations), Japan (74,500 MT, including 47,200 MT switched from unknown destinations), and Germany (67,200 MT). 

Decreases were reported for unknown destinations (530,500 MT) and Canada (6,500 MT).  Net sales of 219,500 MT for 2014/2015 were reported for unknown destinations (118,000 MT), China (60,000 MT), the Netherlands (38,100 MT), and Japan (3,400 MT).  Exports of 1,508,100 MT were down 24 percent from the previous week and 10 percent from the prior 4-week average.  The primary destinations were China (922,300 MT), Mexico (82,900 MT), Taiwan (77,400 MT), and the Netherlands (75,700 MT). 

Soybeans and oil also edged upward overnight as the industry seems unsure as to how to interpret the South American soy situation, since logistical problems seem likely to limit the flow of their record soybean crop to the global market.  Soyoil prices got a boost from the Asian palm market. March soybeans gained 1.75 cent to $13.18/bushel Wednesday night, while March soyoil climbed 0.37 cents to 38.60 cents/pound, but March soymeal dipped $0.2 to $441.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 576,985 494,840 82,145
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 662,519 983,575 526,446
High 1,108,611 4,742,012 703,426
Low 155,482 5,119 155,482
 
 
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