Corn exports rebound slightly after slow slide

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The USDA pushed corn net sales 17 percent higher in its weekly “U.S. Exports and Sales” report.

According to the report, corn net sales of 695,400 metric tons (MT) for 2013-2014 were up from the previous week but down 26 percent from the 4-week average. 

Increases were reported for Mexico (519,700 MT), Japan (201,100 MT, including 93,500 MT switched from unknown destinations and decreases of 6,000 MT), China (111,700 MT, including 54,000 MT switched from unknown destinations and decreases of 9,000 MT), Peru (63,500 MT), Venezuela (50,100 MT, including 30,000 MT switched from unknown destinations), and Guatemala (14,100 MT, including 13,300 MT switched from unknown destinations and decreases of 700 MT).

 Decreases were reported for unknown destinations (297,900 MT) and Colombia (13,500 MT).  Net sales of 109,400 MT for 2014/2015 were reported for Mexico.  Exports of 977,400 MT were primarily to China (370,700 MT), Mexico (278,100 MT), Japan (93,500 MT), Peru (60,100 MT), and Venezuela (49,100 MT). 

However, next week’s report may again show declining export sales as China again blocked entry of another U.S. corn cargo after tests found a straight of unapproved genetically-modified corn, according to a Reuters article here. Three more may be turned away.

Since the middle of November, quarantine authorities in China, the world's second largest corn consumer, already have turned away about 180,000 tons of the grain.

“It is really causing big trouble and it seems to be related to bilateral trade conflicts,” said a corn trader with a domestic trading house.

These export concerns reemerged Wednesday Night. Doane reports that corn rallied on Wednesday in response to a sizeable export sale and talk of surging ethanol production. However, traders worry that recent rejections of U.S. shipments to China are harbingers of a wider ban by Chinese officials.

On Thursday morning, March corn futures dipped 2.25 cents to $4.37/bushel early Thursday morning, while May lost added 2.75 cents to $4.45.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 695,425 593,642 101,783
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,507,452 772,477 427,159
High 4,555,497 4,555,497 4,555,497
Low 593,642 58,187 -113,214
 
 
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The report showed soybean net sales of 1,108,600 MT for 2013-2014, up 38 percent from the previous week and 2 percent from the 4-week average. 

Increases were reported for China (558,100 MT, including 58,200 MT switched from unknown destinations and decreases of 9,200 MT), Mexico (108,400 MT), Germany (74,800 MT), Saudi Arabia (70,000 MT, switched from unknown destinations), and South Korea (59,800 MT, including 55,000 MT switched from unknown destinations). 

Decreases were reported for unknown destinations (102,500 MT) and the United Kingdom (7,400 MT).  Net sales of 413,900 MT for 2014/2015 were reported for unknown destinations (300,900 MT), China (111,000 MT), and Japan (2,000 MT).  Exports of 1,711,200 MT were primarily to China (1,029,900 MT), Germany (74,800 MT), Mexico (74,300 MT), Saudi Arabia (70,000 MT), South Korea (59,800 MT), and the United Kingdom (58,600 MT).   

The soy complex set back from Wednesday’s highs on Thursday morning. A big South Korean meal purchase and an official reduction in China’s latest production estimates seemingly boosted the soy complex yesterday. January soybeans fell 8.5 cents to $13.3525/bushel Wednesday night, while January soyoil slid 0.14 cents to 40.26 cents/pound, and January soymeal sank $3.2 to $435.7/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,108,611 805,241 303,370
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,529,354 828,338 505,182
High 4,742,012 4,742,012 4,742,012
Low 805,241 5,119 -206,312
 
 
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