UDSA: Corn sales recover after last week's tumble

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According to the USDA’s latest “Weekly Export Sales” report, corn net sales of 745,800 metric tons (MT) for 2013-2014 were up 9 percent from the previous week but down 20 percent from the four-week average. 

Increases were reported for Colombia (181,600 MT, including 132,800 MT switched from unknown destinations and decreases of 14,400 MT), Japan (112,900 MT, including 35,200 MT switched from unknown destinations and decreases of 15,200 MT), South Korea (110,700 MT, including 54,000 MT switched from unknown destinations and decreases of 9,200 MT), China (69,500 MT), Egypt (68,000 MT), and Mexico (44,500 MT). 

Decreases were reported for unknown destinations (25,500 MT), Guatemala (8,100 MT), Morocco (4,000 MT), and El Salvador (1,100 MT).  Exports of 927,100 MT were up 2 percent from the previous week and from the four-week average.  The primary destinations were Colombia (219,200 MT), Japan (185,600 MT), Mexico (147,400 MT), South Korea (117,900 MT), Saudi Arabia (92,200 MT), and Peru (33,000 MT). 

Doane Advisory Services shows that the financial markets weighed on commodities Thursday morning. The yellow grain market is still suffering from a dearth of pertinent crop news; however, Wednesday’s U.S. dollar advance and overnight follow-through in response to Fed Chairman Yellen’s suggestion that the Fed might be forced to raise U.S. interest rates next year held negative implications for commodity demand, which probably explains the overnight slide. May corn slid 3.25 cents to $4.845/bushel in early Thursday trading, while December lost 2.25 to $4.865.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 745,804 683,416 62,388
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,080,134 1,093,163 996,054
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 202,200 MT for 2013-2014 were up noticeably from the previous week but down 31 percent from the four-week average. 

Increases reported for Indonesia (149,000 MT, including 25,000 MT switched from unknown destinations and decreases of 26,200 MT), Portugal (67,100 MT, including 65,000 MT switched from unknown destinations), Egypt (49,600 MT), Mexico (35,200 MT), and Colombia (18,300 MT, including 8,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (79,800 MT) and China (75,900 MT). 

Net sales of 437,500 MT for 2014-2015 were reported primarily for China (243,000 MT), unknown destinations (146,500 MT), and Indonesia (30,000 MT). 

Exports of 1,119,100 MT were up 38 percent from the previous week, but down 11 percent from the four-week average.  The primary destinations were China (662,800 MT), Mexico (102,300 MT), Indonesia (94,000 MT), Taiwan (83,600 MT), and Portugal (67,100 MT).

The soy complex posted a mixed Wednesday night showing. Although soybean and product markets were generally strong yesterday, they set back significantly from their intra-day highs. That development, along with the financial market reaction to Chairman Yellen’s statement, very likely discouraged bulls last night. May soybeans rose 4.25 cents to $14.355/bushel in pre-dawn Thursday action, while May soyoil sank 0.19 cents to 41.91 cents/pound, and May soymeal gained $3.2 at $465.2/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 202,236 113,537 88,699
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 415,287 928,925 391,669
High 772,736 4,742,012 772,736
Low 86,266 86,266 86,266
 
 
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