Exports: Corn net sales (finally) climb
According to the USDA’s latest “U.S. Export Sales” report, corn net sales turned around, ending a three-week drop after reaching a 10-week high in late January. The report showed corn net sales of 840,800 metric tons (MT) for 2013-2014, up 22 percent from last week but nearly 40 percent below the four-week average.
Increases were reported for Japan (178,900 MT, including 83,300 switched from unknown destinations and decreases of 56,700 MT), Colombia (139,800 MT, including 37,100 MT switched from unknown destinations and decreases of 14,600 MT), Peru (105,400 MT, including 68,000 MT switched from unknown destinations), the Dominican Republic (82,000 MT), and Egypt (68,000 MT). Decreases were reported for China (3,000 MT).
Net sales of 1,500 MT for 2014-2015 were reported for Honduras. Exports of 853,100 MT were up 15 percent from the previous week, but down 1 percent from the prior 4-week average. The primary destinations were Japan (285,000 MT), Mexico (186,400 MT), Peru (130,100 MT), Colombia (94,100 MT), and South Korea (56,500 MT).
Doane Advisory Services reports that the corn market has fluctuated narrowly this week, as was the case again overnight. Futures dipped from recent highs but are finding considerable support from their 10-day moving averages. This morning’s weekly Export Sales report may trigger a move in either direction. March corn skidded 2.0 cents to $4.535/bushel early Thursday morning, while May lost 2.0 to $4.59.
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The report also showed that soybean net sales of 327,700 MT for 2013-2014 resulted as increases for China (287,800 MT, including 234,000 MT switched from unknown destinations and decreases of 3,500 MT), Mexico (78,100 MT), the Netherlands (77,200 MT, including 70,000 MT switched from unknown destinations), Germany (75,700 MT), and Spain (66,600 MT, including 65,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (451,000 MT), Russia (1,000 MT), and Canada (1,000 MT).
Net sales of 315,200 MT for 2014-2015 were reported for China (232,500 MT), unknown destinations (60,000 MT), Canada (20,000 MT), and Mexico (8,000 MT). Decreases were reported for Japan (5,300 MT). Exports of 1,796,900 MT were up 34 percent from the previous week and 16 percent from the prior 4-week average.