Corn net sales plummet 73%, sets low for 2014

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The USDA showed a significant drop in corn net sales in this week's Export Sales report, setting a new low for 2014.

According to the USDA, corn net sales of 109,000 metric tons (MT) for 2013-2014 were down 73 percent from the previous week and 79 percent from the prior 4-week average. 

Increases were reported for Japan (168,300 MT, including 91,100 MT switched from unknown destinations and decreases of 9,200 MT), Saudi Arabia (76,600 MT, including 70,000 MT switched from unknown destinations), Taiwan (64,200 MT), South Korea (59,600 MT, including 57,800 MT switched from Japan and decreases of 800 MT), and Peru (47,200 MT).  Decreases were reported for unknown destinations (396,900 MT), Colombia (44,200 MT), and Costa Rica (1,100 MT). 

Corn net sales of 78,900 MT for 2014-2015 were reported for Mexico (40,800 MT), unknown destinations (37,500 MT) and South Korea (600 MT).  Exports of 1,123,000 MT were up 5 percent from the previous week, but down 1 percent from the prior 4-week average. 

The primary destinations were Japan (357,900 MT), Mexico (258,700 MT), Taiwan (100,600 MT), South Korea (85,400 MT), Saudi Arabia (80,100 MT), Egypt (71,300 MT), and Colombia (67,500 MT). 

Doane Advisory Service reports little corn news overnight into Thursday ahead of the USDA’s Export Sales report, but this lack of news didn’t keep yellow grain prices from rallying. July corn gained 2.5 cents to $4.4425/bushel Wednesday night, while December added 2.5 to $4.42.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 109,031 409,696 -300,665
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 486,160 789,109 785,242
High 937,920 1,837,865 1,837,865
Low 109,031 109,031 109,031
 
 
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For soybeans, however, the USDA’s report showed a positive change.

Soybean net sales of 97,900 MT for 2013-2014 were up 13 percent from the previous week and 11 percent from the prior 4-week average. 

Increases reported for Japan (41,300 MT, including 29,000 MT switched from unknown destinations), Mexico (38,000 MT), Indonesia (16,900 MT), Taiwan (6,400 MT) and Vietnam (3,100 MT), were partially offset by decreases for Colombia (11,100 MT) and unknown destinations (1,000 MT).  Net sales of 285,800 MT for 2014/2015 were for unknown destinations (185,000 MT), China (90,500 MT), Mexico (10,000 MT), and South Korea (1,500 MT).  Decreases were reported for Japan (1,200 MT). 

Soybean exports of 192,200 MT were up 31 percent from the previous week and 12 percent from the prior 4-week average.  The primary destinations were Mexico (89,200 MT), Japan (48,000 MT), Taiwan (29,600 MT), Indonesia (13,200 MT), and Cuba (5,500 MT). 

The soy complex was mixed to higher Thursday morning on fresh news of a big Philippine purchase of U.S. soymeal. July soybeans rose 1.0 cent to $14.10/bushel shortly after sunrise Thursday, while July soyoil slid 0.14 cents to 39.99 cents/pound, and July soymeal edged up $1.1 to $454.3/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 97,930 86,659 11,271
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 63,177 273,586 209,756
High 164,435 943,400 772,736
Low 782 782 -16,421
 
 
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