Corn exports soar to 2013 high

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In the USDA’s weekly “U.S. Export Sales report,” corn net sales regained traction after reporting net sale reduction over the last several weeks.

According to the report, corn net sales of 437,400 metric tons (MT) for 2013-2014 resulted as increases for Mexico (136,500 MT, including 33,300 MT switched from unknown destination and decreases of 5,000 MT), Japan (108,500 MT, including 64,300 MT switched from unknown destinations and decreases of 10,500 MT), China (64,500 MT, including 55,000 MT switched from unknown destinations), Peru (40,000 MT), and Taiwan (35,900 MT), were partially offset by decreases for unknown destinations (18,000 MT). 

Exports of 518,800 MT were primarily to Mexico (196,400 MT), Japan (104,300 MT), Venezuela (67,000 MT), China (60,000 MT), and the Dominican Republic (26,400 MT). 

On Wednesday, news from the Federal Reserve boosted the commodity markets, and strength spilled over from the soybean pit to support corn futures. Wednesday’s Fed news continued supporting commodities overnight, with stocks and commodities surging on the news and continuing to rise overnight. December corn climbed 4.75 cents to $4.61/bushel early Thursday morning, and May rose 5.75 cents to $4.8275.

EPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 437,384 -59,356 496,740
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 159,581 208,136 178,419
High 437,384 437,384 437,384
Low 58,187 58,187 -113,214
 
 
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Soybean net sales also jumped after weeks of net sale reduction. The report showed soybean net sales at 923,300 MT for 2013/2014, which resulted as increases for unknown destinations (530,500 MT), China (129,000 MT), South Korea (85,200 MT), Mexico (60,700 MT), and Indonesia (41,000 MT).  Exports of 74,200 MT were primarily to Mexico (26,300 MT), Japan (22,000 MT), Indonesia (6,700 MT), Colombia (4,400 MT), and Taiwan (4,300 MT). 

Soybeans rebounded from Tuesday losses on Wednesday as traders were greeted with news of a big U.S. soybean sale to China and another sizeable sale to an unknown buyer earlier in the day.  Soybeans sustained their Wednesday advance into Thursday morning, though the soy complex was not immune to the Fed action and its impact upon the markets. November soybeans jumped 11.25 cents to $13.59/bushel in early Thursday action, while October soyoil gained 0.08 cents to 42.55 cents/pound, and October soymeal ran up $5.4 to $432.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 923,310 -10 923,320
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 190,347 136,256 211,654
High 923,310 923,310 1,608,774
Low 5,119 5,119 -206,312
 
 
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