USDA: Corn net sales plummet 83%

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According to the USDA’s Weekly Export Sales report, corn net sales of 161,300 metric tons (MT) for 2013-2014 were down 83 percent from the previous week and 77 percent from the four-week average. 

Increases were reported for Japan (212,600 MT, including 150,000 MT switched from China and 49,700 MT switched from unknown destinations and decreases of 27,500 MT), Colombia (102,200 MT, including 100,000 MT switched from unknown destinations), Taiwan (82,800 MT, including 65,000 MT switched from unknown destinations and decreases of 2,600 MT), Spain (57,000 MT, including 55,000 MT switched from unknown destinations), Mexico (28,200 MT), and the Dominican Republic (23,600 MT, including 8,000 MT switched from unknown destinations). 

Decreases were reported for China (210,000 MT), unknown destinations (116,800 MT), Costa Rica (37,200 MT), and Egypt (17,200 MT).  Net sales of 121,000 MT for 2014-2015 were reported for unknown destinations (65,000 MT), Costa Rica (37,900 MT), Colombia (10,000 MT), and Guatemala (8,100 MT). 

Exports of 1,415,100 MT were up 16 percent from the previous week and 11 percent from the prior 4-week average.  The primary destinations were Japan (507,200 MT), Mexico (220,800 MT), South Korea (140,100 MT), Taiwan (135,000 MT), Egypt (118,800 MT), Vietnam (63,000 MT), and Spain (57,000 MT). 

Doane Advisory Service shows grains set back overnight as traders were apparently unwilling to take on fresh risk; however, given the size of early-week gains, it wasn’t surprising to see corn futures dip overnight. July corn stalled at $5.14/bushel early Thursday morning, while December declined 1.5 cents to $5.08.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 161,266 937,920 -776,654
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 829,485 923,224 905,790
High 1,518,009 1,837,865 1,837,865
Low 161,266 154,543 155,262
 
 
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Soybean net sales of 40,800 MT for 2013-2014 were up noticeably from the previous week and 97 percent from the four-week average.

 Increases reported for Japan (19,700 MT), Mexico (9,300 MT), Vietnam (8,800 MT), Barbados (3,500 MT), and Taiwan (3,500 MT), were partially offset by decreases for Israel (9,000 MT), Cuba (800 MT), and China (200 MT).  Net sales of 14,200 MT for 2014-2015 were for Israel (13,500 MT), Japan (400 MT), and Canada (300 MT). 

Exports of 132,400 MT were down 51 percent from the previous week and 65 percent from the prior 4-week average.  The primary destinations were Mexico (40,400 MT), Indonesia (28,600 MT), Egypt (27,300 MT), Vietnam (9,800 MT), Cuba (7,200 MT), Taiwan (5,800 MT), and Japan (5,100 MT).

Bullish profit-taking ahead of Friday’s World Agricultural Supply and Demand Estimates report spurred overnight selling into Thursday morning. July CBOT wheat futures sagged 5.25 cents to $7.325/bushel in early Thursday action, while July KCBT wheat futures fell 6.75 cents to $8.3475, and July MWE futures tumbled 7.0 to $7.995.

EPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 40,817 -16,421 57,238
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 143,345 505,851 250,553
High 772,736 1,405,911 772,736
Low 782 782 -16,421
 
 
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