USDA: Corn sales tumble 25% from last week

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According to the USDA’s latest “U.S. Export Sales” report, corn net sales of 1,269,800 metric tons (MT) for 2013-2014 were down 25 percent from last week, but up 1 percent from the four-week average. 

Increases were reported for unknown destinations (421,900 MT), Colombia (233,800 MT, including 65,000 MT switched from unknown destinations and decreases of 4,400 MT), South Korea (233,500 MT), Mexico (144,200 MT), and Japan (109,700 MT, including 42,500 MT switched from unknown destinations). 

Decreases were reported for China (228,000 MT) and the United Kingdom (1,600 MT).  Net sales of 71,100 MT for 2014-2015 were reported for unknown destinations (50,800 MT) and Japan (20,300 MT).  Exports of 952,500 MT were up 28 percent from the previous week and 18 percent from the prior 4-week average. 

The primary destinations were Mexico (221,000 MT), Japan (209,100 MT), South Korea (178,300 MT), Colombia (115,700 MT), and Saudi Arabia (69,800 MT).   

Doane Advisory Services shows that corn futures were higher Thursday morning, following soybeans. The nearby corn contract ended Wednesday resting on short-term moving average support but firmed overnight. March corn rose 1.0 cent to $4.41/bushel Wednesday night, while May added 1.0 to $4.47.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,269,827 1,700,115 -430,288
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 963,269 1,079,099 1,079,520
High 1,837,865 4,555,497 1,837,865
Low 154,543 58,187 155,262
 
 
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The weekly report also showed that soybean net sales of 173,600 MT for 2013-2014 resulted as increases for China (320,700 MT, including 301,000 MT switched from unknown destinations and decreases of 116,900 MT), Mexico (64,700 MT), South Korea (49,500 MT, including 55,000 MT switched from unknown destinations and decreases of 5,500 MT), Indonesia (14,900 MT), and Colombia (13,200 MT), were partially offset by decreases for unknown destinations (326,900 MT). 

Net sales of 122,600 MT for 2014-2015 were reported for China (115,000 MT) and Japan (7,600 MT). 

Exports of 1,494,000 MT were down 1 percent from the previous week and 9 percent from the prior 4-week average.  The primary destinations were China (1,076,600 MT), Mexico (125,600 MT), Russia (60,700 MT), Bangladesh (51,900 MT), and South Korea (51,300 MT). 

Overnight talk of strong exports boosted soybeans overnight. March soybeans bounced 7.25 cents to $13.3025/bushel in pre-dawn Thursday trading, while March soyoil climbed 0.16 cents to 39.15 cents/pound, and March soymeal gained $2.4 to $445.9/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 173,644 576,985 -403,341
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 599,360 987,860 467,646
High 1,108,611 4,742,012 703,426
Low 155,482 5,119 155,482
 
 
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