Export sales: Corn tumbles 16 percent

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According to the USDA’s latest “U.S. Export Sales” report, corn net sales of 693,000 metric tons (MT) for 2013-2014 were down 16 percent from the previous week, but up 6 percent from the four-week average.  

Increases were reported for Egypt (244,000 MT), Taiwan (129,200 MT), Japan (116,700 MT, including 49,700 MT switched from unknown destinations), Mexico (112,700 MT), and China (75,900 MT).  Decreases were reported for unknown destinations (178,400 MT) and Guatemala (8,800 MT). 

Exports of 799,100 MT were up 19 percent from the previous week, but down 8 percent from the prior 4-week average.  The primary destinations were Mexico (212,800 MT), Japan (160,700 MT), Peru (140,500 MT), South Korea (120,100 MT), and Colombia (71,200 MT).

Renewed talk of Chinese rejections seemingly depressed corn Thursday night in Friday. According to Doane Advisory Services, China is reportedly set to reject another round of U.S. corn shipments for contamination with an unapproved GMO strain, which largely explains the overnight dip in CBOT futures. March corn slumped 2.5 cents to $4.265/bushel early Friday morning, while May lost 2.25 to $4.33/bushel.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 693,032 821,021 -127,989
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 737,064 912,470 556,438
High 1,478,536 4,555,497 821,021
Low 154,543 58,187 155,262
 
 
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The report also showed soybean net sales of 693,000 MT for 2013-2014, down 16 percent from last week, but up 6 percent from the four-week average. 

Increases were reported for Egypt (244,000 MT), Taiwan (129,200 MT), Japan (116,700 MT, including 49,700 MT switched from unknown destinations), Mexico (112,700 MT), and China (75,900 MT).  Decreases were reported for unknown destinations (178,400 MT) and Guatemala (8,800 MT). 

Exports of 799,100 MT were up 19 percent from the previous week, but down 8 percent from the prior 4-week average.  The primary destinations were Mexico (212,800 MT), Japan (160,700 MT), Peru (140,500 MT), South Korea (120,100 MT), and Colombia (71,200 MT).

Improving Argentine prospects undercut the soy complex Friday morning. Argentina’s main grain/soy areas are expected to be blessed with considerable rainfall over the next 10 days, thereby boosting harvest prospects for that country. March soybean futures dove 10.25 cents to $12.6675/bushel Thursday night action, while March soyoil dropped 0.46 cents to 37.40 cents/pound, and March soymeal sagged $2.5 to $416.2/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 703,426 701,497 1,929
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 833,567 944,259 520,135
High 1,405,911 4,742,012 703,426
Low 155,482 5,119 155,482
 
 
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