Both corn and soybean net sales skyrocketed this week in the USDA’s “U.S. Export Sales” report, thanks to the three-week delay of reports during the government shutdown.
The report was issued for the weeks ending October 10, October 17, and October 24, 2013.
According to the report, corn net sales of 4,555,500 metric tons (MT) for 2013-2014 were reported for Mexico (1,689,400 MT, including 33,400 MT switched from unknown destinations and decreases of 7,300 MT), Japan (862,700 MT, including 122,000 MT switched from unknown destinations and decreases of 19,900 MT), China (777,600 MT, including 373,000 MT switched from unknown destinations and decreases of 24,500 MT), unknown destinations (434,900 MT), and Colombia (242,400 MT, including 30,000 MT switched from unknown destinations and decreases of 2,800 MT).
Decreases were reported for Panama (9,600 MT) and El Salvador (2,000 MT). Net sales of 738,000 MT for the 2014/2015 marketing year were reported for Mexico (734,400 MT) and Nicaragua (3,600 MT). Exports of 2,094,400 MT were primarily to Mexico (708,300 MT), China (677,900 MT), Japan (255,600 MT), Colombia (123,300 MT), and Saudi Arabia (68,200 MT).
On Wednesday, concerns about the large harvest weighed on corn prices as concerns about the sheer size of the record harvest was exaggerated by spillover weakness from the wheat pit. Current rains supported the crop markets overnight into Thursday.
The rainfall that has dominated the central U.S. this week will continue today, thereby adding to ideas that the wet conditions will diminish the ongoing harvest. December corn futures rallied 3.75 cents to $4.34 early Thursday morning, while May futures added 4.0 cents to $4.54.
|EPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
|SALES||10 WEEKS||27 WEEKS||THIS YEAR|
The USDA reported a similar spike for soybeans. Soybean net sales of 4,742,000 MT for 2013-2014 were reported for China (2,112,300 MT, including 644,100 MT switched from unknown destinations and decreases of 226,300 MT), unknown destinations (550,800 MT), Mexico (284,100 MT), Russia (270,600 MT), Indonesia (238,900 MT, including 91,000 MT switched from unknown destinations), and Taiwan (202,000 MT).
Exports of 5,123,200 MT were primarily to China (3,821,300 MT), Mexico (281,400 MT), Japan (146,900 MT), Spain (137,800 MT), and Indonesia (135,400 MT).