Corn net sales plummet nearly 50%

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The USDA’s latest Weekly Export sales report showed corn net sales of 291,500 metric tons (MT) for 2013-2014 reported for July 11-17. This is down 49 percent from the previous week and 21 percent below the prior four-week average.

Increases were reported for Japan (216,200 MT, including 112,300 MT switched from unknown destinations, 50,000 MT switched from China, and decreases of 1,100 MT), Spain (70,000 MT, including 65,000 MT switched from unknown destinations), South Korea (67,800 MT, including 63,000 MT switched from unknown destinations and decreases of 2,400 MT), the Netherlands (52,000 MT, switched from unknown destinations), Mexico (50,200 MT), and Canada (25,600 MT).  Decreases were reported for unknown destinations (220,100 MT) and China (50,000 MT).  Net sales of 1,143,400 MT for 2014/2015 were reported primarily for unknown destinations (644,000 MT), Japan (268,400 MT), and Costa Rica (43,800 MT). 

Corn exports of 992,500 MT were up 9 percent from the previous week, but down 4 percent from the prior four-week average.  The primary destinations were Japan (262,100 MT), South Korea (255,800 MT), Mexico (139,500 MT), Egypt (133,200 MT), Spain (70,000 MT), and Costa Rica (32,600 MT). 

Doane Advisory Service reports grain futures following soybean higher overnight. September corn rose 3.25 cents higher at $3.6575/bushel early Thursday morning, while December added 2.5 cents to $3.7325.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 291,540 573,725 -282,185
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 403,898 729,997 713,317
High 621,311 1,837,865 1,837,865
Low 109,031 109,031 109,031
 
 
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The report also showed that soybean net sales of 226,700 MT for 2013-2014 were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (158,800 MT), Indonesia (103,600 MT, including 86,400 MT switched from unknown destinations), Vietnam (17,900 MT), Taiwan (12,400 MT), and Japan (10,300 MT, including 1,000 MT switched from unknown destinations). 

Decreases were reported for unknown destinations (87,400 MT) and Mexico (8,500 MT).  Net sales of 2,451,100 MT for 2014-2015 were primarily for China (1,283,500 MT), unknown destinations (949,600 MT), and Bangladesh (112,000 MT).  Exports of 162,700 MT were up 72 percent from the previous week and 59 percent from the prior 4-week average.  The primary destinations were Indonesia (95,300 MT), Japan (32,000 MT), and Mexico (29,900 MT).

Soy buying was spurred by the talk of potential dryness over the next two weeks, which might hurt bean yields later this fall. August soybean futures jumped 19.5 cents to $12.205/bushel Wednesday night, while November futures climbed 15.0 to $10.915. August soyoil ran up 0.22 cents to 36.42 cents/pound and August soymeal gained $6.0 to $397.5/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 226,681 37,658 189,023
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 112,898 186,750 196,982
High 317,157 772,736 772,736
Low 37,658 782 -16,421
 
 
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