Exports: Corn at 2013 high

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The USDA’s “Export Sales” report is back, and the data show a climbing trend for both soybean and corn sales.  The USDA reported corn net sales of 1,341,400 metric tons (MT) for 2013-2014, topping the charts at a yearly high and up 73 percent from the last report.

These sales were reported for unknown destinations (428,100 MT), China (230,600 MT, including 60,000 MT switched from unknown destinations), Japan (179,300 MT, including 48,500 MT switched from unknown destinations), Colombia (145,400 MT, including 61,700 MT switched from unknown destinations), and Mexico (129,400 MT). 

Decreases were reported for Vietnam (2,700 MT).  Exports of 618,000 MT were primarily to China (184,600 MT), Mexico (162,900 MT), Colombia (90,600 MT), Japan (82,500 MT), and Taiwan (36,800 MT). 

On Wednesday, corn futures built on overnight gains from Tuesday as bullish corn traders reacted to steady cash quotes during the morning trade. Overnight into Thursday, corn futures were moderately lower. Bulls seemingly focused upon continued U.S. dollar slippage and its potentially positive impact upon demand, whereas bears argued that fine weather will allow the Corn Belt harvest to accelerate during the days ahead.

December corn futures slipped 1.75 cents to $4.425 around dawn Thursday, while May futures sagged 1.75 cents to $4.62.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,341,445 775,189 566,256
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 549,288 299,733 233,957
High 1,341,445 1,341,445 1,341,445
Low 58,187 58,187 -113,214
 
 
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The USDA also showed an increase in soybean sales, which were reported at 929,800 MT for 2013-2014. This is 8 percent higher than the last report and 4 percent above the 10-week average.

These sales were reported for China (242,300 MT, including 118,000 MT switched from unknown destinations and decreases of 193,800 MT), unknown destinations (122,400 MT), Japan (96,100 MT, including 37,800 MT switched from unknown destination and decreases of 1,700 MT), Germany (74,300 MT, including 65,000 MT switched from unknown destinations), and Saudi Arabia (66,000 MT). 

Net sales of 18,000 MT for 2014/2015 were reported for Morocco (15,000 MT) and Japan (3,000 MT).  Exports of 851,700 MT were primarily to China (425,900 MT), Mexico (125,600 MT), Germany (74,300 MT), and Spain (58,800 MT). 

Cash firmness boosted soybeans in Wednesday trading, and the combination of strength spilling over from the wheat market and reports of firm country prices pushed the soy complex higher.  The soy complex moved generally lower overnight in Thursday.  

November soybean futures declined 3.25 cents to $13.0675/bushel in early morning trading Thursday, and December soyoil lost 0.13 cents to 41.37 cents/pound, while December soymeal skidded $0.3 to $420.9/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 929,752 860,692 69,060
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 803,176 338,278 310,962
High 2,816,832 2,816,832 2,816,832
Low 5,119 5,119 -206,312
 
 
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