Exports: Corn net sales soar 89% as roller coaster continues

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According to the USDA’s latest “Weekly Export Sales” report, corn net sales of 1,408,300 metric tons (MT) for 2013-2014 were up 89 percent from the previous week and 49 percent from the four-week average. 

 Increases were reported for Egypt (431,100 MT, including 26,100 MT switched from unknown destinations), Mexico (239,600 MT) Colombia (187,400 MT, including 62,700 MT switched from unknown destinations and decreases of 1,800 MT), South Korea (139,000 MT), Japan (110,300 MT, including 108,200 MT switched from unknown destinations and decreases of 29,100 MT), Taiwan (72,000 MT), Morocco (37,300 MT, including 20,000 MT switched from unknown destinations and 12,000 MT switched from China), and Peru (35,200 MT). 

Decreases were reported for unknown destinations (16,100 MT), China (9,500 MT), and Guatemala (2,900 MT). 

Corn net sales of 28,400 MT for 2014-2015 were reported for unknown destinations (25,400 MT) and China (5,000 MT).  Decreases were reported for Mexico (2,000 MT).  Exports of 1,230,000 MT were up 33 percent from the previous week and 29 percent from the four-week average.  The primary destinations were Mexico (353,200 MT), Japan (249,800 MT), Colombia (127,600 MT), Taiwan (79,400 MT), Venezuela (71,000 MT), and South Korea (63,100 MT). 

Doane Advisory Services shows corn futures narrowly mixed overnight into Thursday. Showers crossing the Midwest on Thursday and forecasts for spring-like conditions, including rainfall, in early April are weighing upon the grain markets at this point. May corn inched up 0.5 cent to $4.85/bushel early Thursday morning, while December slid 0.5 to $4.835.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,408,279 745,804 662,475
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,138,860 1,131,999 1,030,407
High 1,837,865 4,555,497 1,837,865
Low 683,416 154,543 155,262
 
 
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The report also showed that soybean net sales of 11,900 MT for 2013-2014 resulted as increases for the Netherlands (81,000 MT, including 74,500 MT switched from unknown destinations), Japan (72,900 MT, including 28,000 MT switched from unknown destinations), Mexico (40,500 MT), China (21,700 MT), and Taiwan (13,500 MT), were partially offset by decreases for unknown destinations (170,000 MT), Indonesia (39,800 MT), Venezuela (25,000 MT), Thailand (6,500 MT), and Vietnam (1,500 MT). 

Net sales of 534,900 MT for 2014-2015 were reported primarily for China (336,000 MT), Indonesia (115,000 MT), and unknown destinations (55,000 MT).  Exports of 720,100 MT were down 36 percent from the previous week and 41 percent from the four-week average. 

The primary destinations were China (317,400 MT), Indonesia (111,200 MT), Japan (83,000 MT), the Netherlands (81,000 MT), and Mexico (50,000 MT).

Continued talk of domestic tightness is boosting the soy complex on Thursday morning. The U.S. soybean market reportedly remains quite tight despite last year’s big crop, which reemphasizes the underlying strength of demand. May soybeans rallied 7.75 cents to $14.4775/bushel in early Thursday trading, while May soyoil edged up 0.06 cent to 40.79 cents/pound, and May soymeal added $4.6 to $473.7/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 11,879 202,236 -190,357
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 346,326 892,468 360,020
High 772,736 4,742,012 772,736
Low 11,879 11,879 11,879
 
 
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