Corn exports slowly creep higher

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After falling over four of the last six weeks, the USDA showed in its weekly “U.S. Export Sales” report that corn net sales were up 19 percent from the previous week and 2 percent higher than the four-week average.

Reported at 827,100 metric tons (MT) for 2013-2014, the report is more than 131,000 MT above last week’s report and slightly above the 27-week high.

Increases were reported for unknown destinations (238,700 MT), Mexico (135,100 MT), China (124,000 MT, including 180,000 MT switched from unknown destinations, 60,000 MT switched to South Korea, and decreases of 4,700 MT), Taiwan (99,300 MT), South Korea (62,400 MT, including 60,000 MT switched from China), and the Dominican Republic (59,000 MT).  Decreases were reported for Guatemala (10,100 MT). 

Corn net sales of 45,200 MT for 2014-2015 were reported for Japan.  Exports of 693,400 MT were down 29 percent from the previous week and 20 percent from the prior 4-week average.  The primary destinations were China (245,500 MT), Mexico (115,700 MT), Colombia (88,100 MT), South Korea (63,000 MT), Japan (54,700 MT), and Peru (45,800 MT). 

On Wednesday, corn futures declined moderately despite an overnight story indicating China had rejected nearly 30 percent of recent U.S. corn shipments due to contamination with an unapproved GMO strain.

Overnight into Thursday, little fresh news concerning the crop markets emerged, but prices were generally higher. That probably reflects the huge stock market advance posted in the wake of the Fed’s decision to begin tapering its bond buying program. On Thursday, nearby corn futures rose slightly, whereas the deferred contracts slipped. March and May corn futures inched up 0.5 cent to $4.255 and $4.34/bushel, respectively, in early Thursday trading.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 827,067 695,425 131,642
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,443,155 809,755 435,490
High 4,555,497 4,555,497 4,555,497
Low 593,642 58,187 -113,214
 
 
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The report also showed a drop of more than 693,000 MT for soybeans. Soybean net sales of 415,508 MT were reported in this week’s report, setting a 10-week low.

Talks of diminished exports undercut soybeans on Wednesday. Overnight the soy complex posted a general advance. The overnight rise in Asian palm values seemingly supported oil and bean prices as well. January soybeans rose 3.0 cents to $13.27/bushel in pre-dawn Thursday action, while January soyoil gained 0.05 cents to 39.11 cents/pound, and January soymeal climbed $2.8 to $444.0/ton.

EPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 415,508 1,108,611 -693,103
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,465,073 846,527 503,314
High 4,742,012 4,742,012 4,742,012
Low 415,508 5,119 -206,312
 
 
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