Exports: Corn sales set 10-week low…again

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Corn net sales dropped to yet another 10-week low, marking the second third consecutive week the USDA has reported a decline in corn sales.

According to Thursday’s Weekly Export Sales report, corn net sales of 601,900 metric tons (MT) for 2013-2014 were down 9 percent from the previous week and 36 percent from the prior 4-week average. 

Increases were reported for Japan (161,000 MT, including 115,300 MT switched from unknown destinations, 53,000 MT switched from China, and decreases of 168,200 MT), Israel (120,000 MT, including 55,000 MT switched from China), South Korea (119,800 MT), Taiwan (106,700 MT, including 57,600 MT switched from China), Costa Rica (94,400 MT), Mexico (80,500 MT), and Saudi Arabia (73,800 MT, switched from unknown destinations). 

Decreases were reported for unknown destinations (268,400 MT) and China (168,000 MT).  Net sales of 192,600 MT for 2014-2015 were reported for Japan (141,800 MT) and unknown destinations (50,800 MT).  Exports of 1,111,000 MT were down 9 percent from the previous week and 7 percent from the four-week average. 

The primary destinations were Japan (374,800 MT), Mexico (229,300 MT), Colombia (80,700 MT), Egypt (74,800 MT), Saudi Arabia (73,800 MT), Taiwan (69,500 MT), and Venezuela (55,000 MT). 

Doane Advisory Service reports overnight, the corn market declined in response to weather forecasts conducive to accelerated spring plantings Wednesday before bouncing overnight. May corn rose 1.25 cents to $4.9875/bushel Wednesday night, while December added 0.75 to $4.9975.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 601,880 658,700 -56,820
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 937,880 1,110,576 972,406
High 1,518,009 4,555,497 1,837,865
Low 601,880 154,543 155,262
 
 
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The report also showed that soybean net sales of 19,200 MT for 2013-2014 were down 76 percent from the previous week and 79 percent from the four-week average. 

Increases reported for Indonesia (58,000 MT, including 53,500 MT switched from unknown destinations and decreases of 1,000 MT), Japan (34,900 MT, including 20,700 MT switched from unknown destinations and decreases of 4,700 MT), Taiwan (15,800 MT), Egypt (13,100 MT, including 9,000 MT switched from Turkey), and Mexico (11,700 MT), were partially offset by decreases for unknown destinations (68,200 MT), China (54,700 MT), and Turkey (9,000 MT). 

Soybean net sales of 400,700 MT for 2014-2015 were for unknown destinations (330,000 MT), China (60,000 MT), Mexico (8,000 MT), and Canada (2,700 MT).   Exports of 339,200 MT were down 52 percent from the previous week and 58 percent from the prior 4-week average.  The primary destinations were Indonesia (133,700 MT), China (66,700 MT), Egypt (40,100 MT), Mexico (32,500 MT), Japan (28,300 MT), and Taiwan (14,700 MT).

The soy complex has been supported recently by talk of vigorous demand. May soybeans climbed 6.25 cents to $15.25/bushel early Thursday morning, while May soyoil sagged 0.19 cents to 43.52 cents/pound, and May soymeal gained $1.6 to $492.6/ton.  

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 19,229 79,136 -59,907
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 185,254 714,758 298,985
High 772,736 4,742,012 772,736
Low 11,879 11,879 11,879
 
 
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