Exports: Corn soars 81% higher

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According to the USDA’s latest Weekly Export Sales report, corn net sales of 1,518,000 metric tons (MT) for 2013-2014 were up 81 percent from last week and 35 percent from the four-week average. However, it is 17 percent below the yearly average.

Increases were reported for Mexico (437,400 MT), Japan (342,400 MT, including 89,100 MT switched from unknown destinations and decreases of 1,500 MT), unknown destinations (207,100 MT), Colombia (179,400 MT), South Korea (134,300 MT, including 65,000 MT switched from China), and Taiwan (75,900 MT).  Decreases were reported for China (71,500 MT), Spain (55,000 MT), and the French West Indies (9,000 MT). 

Corn net sales of 164,500 MT for 2014-2015 were reported for Japan.  Exports of 1,138,100 MT were up 33 percent from the previous week and 38 percent from the prior 4-week average.  The primary destinations were South Korea (256,700 MT), Mexico (224,300 MT), Japan (190,600 MT), Egypt (135,000 MT), and Peru (83,300 MT).

Doane Advisory Services shows the Black Sea situation weighed on grains Wednesday night. After having reacted bullishly to Russia’s weekend invasion of Ukraine, the corn and wheat markets have since worked lower. Traders are unsure if the changed situation will disrupt Black Sea exports or cause Ukraine to sell more aggressively in order to raise funds. Corn futures continued Wednesday’s slide overnight. May corn dipped 2.25 cents to $4.7975/bushel in early Thursday action, while December sagged 1.75 to $4.815.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,518,009 840,809 677,200
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 968,192 1,118,578 1,058,598
High 1,837,865 4,555,497 1,837,865
Low 154,543 154,543 155,262
 
 
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The USDA’s report also showed that soybean net sales of 772,700 MT for 2013-2014 were up noticeably from the previous week and the prior 4-week average. 

Increases reported for unknown destinations (469,100 MT), Mexico (197,600 MT), Indonesia (82,100 MT, including 72,600 MT switched from unknown destinations and decreases of 9,400 MT), Germany (74,500 MT), and Spain (63,100 MT, including 65,000 MT switched from unknown destinations and decreases of 1,900 MT), were partially offset by decreases for China (268,300 MT). 

Net sales of 256,700 MT for 2014-2015 were reported primarily for China (183,000 MT), Egypt (60,000 MT), and Spain (55,000 MT). 

Decreases were reported for unknown destinations (60,000 MT).  Exports of 1,173,600 MT were down 35 percent from the previous week and 21 percent from the prior 4-week average.  The primary destinations were China (645,000 MT), Indonesia (135,700 MT), Mexico (77,700 MT), Germany (74,500 MT), and Spain (63,100 MT).

The soy complex proved quite firm in early Thursday action. Although Ukraine is also a major supplier of oilseeds, the CBOT soy complex posted across the board gains overnight. May soybeans rallied 7.25 cents to $14.2775/bushel, while May soyoil climbed 0.27 cents to 43.67 cents/pound, and May soymeal gained $3.1 to $452.7/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 772,736 327,706 445,030
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 493,598 954,686 443,620
High 943,400 4,742,012 772,736
Low 86,266 5,119 86,266
 
 
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