Corn exports still falling

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The USDA’s latest “U.S. Export Sales” report shows corn net sales of 945,100 metric tons (MT) for 2013-2014, down 21 percent from last week’s report but more than double the annual average.

These sales were reported for Japan (403,000 MT, including 34,700 MT switched from unknown destinations), China (321,600 MT, including 313,700 MT switched from unknown destinations and decreases of 2,700 MT), Mexico (275,800 MT), Egypt (60,000 MT), Colombia (37,700 MT, including 32,000 MT switched from unknown destinations), and Guatemala (23,500 MT), were partially offset by decreases for unknown destinations (201,400 MT). 

Net sales of 37,600 MT for 2014-2015 were reported for Japan.  Exports of 756,300 MT were primarily to China (339,700 MT), Mexico (210,900 MT), Japan (86,500 MT), Colombia (35,200 MT), and El Salvador (27,200 MT). 

Corn futures led the crop markets higher Wednesday night, and with little fresh news early Thursday morning, traders looked for firming cash prices now that the U.S. corn harvest is largely complete. December corn futures rose 2.5 cents to $4.195/bushel around dawn Thursday, while May edged up 1.25 to $4.3475.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 945,134 1,202,862 -257,728
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,452,035 672,550 404,100
High 4,555,497 4,555,497 4,555,497
Low 437,384 58,187 -113,214
 
 
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The report also showed that soybean net sales of 1,376,400 MT for 2013-2014 were reported for China (1,152,000 MT, including 324,700 MT switched from unknown destinations and decreases of 70,100 MT), Mexico (174,700 MT), the Netherlands (95,300 MT, including 90,500 MT switched from unknown destinations), Spain (72,100 MT, including 65,000 MT switched from unknown destinations), and Saudi Arabia (65,000 MT). 

Decreases were reported for unknown destinations (465,200 MT) and Costa Rica (1,100 MT).  Exports of 2,488,600 MT were primarily to China (1,926,100 MT), Taiwan (96,000 MT), the Netherlands (95,300 MT), Spain (72,100 MT), Egypt (63,100 MT), and France (59,500 MT). 

On Thursday, surging palm oil prices seemingly boosted the soy complex in early trading. Talk of growing tightness of global palm oil supplies sent Asian prices to their highest level in over a year, which pulled soyoil values upward as well. Those gains also boosted bean and meal prices despite the latter products’ position on the opposite side of the crush spread.

 January soybean futures rallied 6.0 cents to $12.7975/bushel in early Thursday action, while December soyoil surged 0.56 cents to 40.88 cents/pound, and December soymeal stabilized at $407.0/ton.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,376,396 848,522 527,874
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,689,488 709,965 464,177
High 4,742,012 4,742,012 4,742,012
Low 848,522 5,119 -206,312
 
 
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