Exports: Corn net sales bounce but…

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According to the USDA’s Export Sales report, corn net sales of 343,000 metric tons (MT) for 2013-2014 were up noticeably from the previous week, but down 39 percent from the prior four-week average. 

Increases were reported for Egypt (103,800 MT), Japan (60,200 MT, including 31,700 MT switched from unknown destinations and decreases of 31,800 MT), Portugal (54,100 MT, including 55,000 MT switched from Spain and decreases of 900 MT), unknown destinations (53,600 MT), Mexico (53,200 MT), Costa Rica (37,900 MT), and Colombia (37,800 MT).  Decreases were reported for Spain (155,000 MT), Guatemala (11,300 MT), and China (2,000 MT). 

Corn net sales of 47,300 MT for 2014-2015 were reported for Mexico (60,000 MT) and Japan (25,300 MT).  Decreases were reported for Costa Rica (37,900 MT).  Exports of 1,023,300 MT were down 28 percent from the previous week and 23 percent from the prior 4-week average.  The primary destinations were Japan (294,200 MT), Mexico (197,600 MT), Egypt (129,800 MT), Israel (117,700 MT), Colombia (102,600 MT), Portugal (54,100 MT), and Indonesia (31,600 MT). 

Favorable weather forecasts depressed grain futures on Wednesday, according to Doane Advisory Service. Overnight, Chinese reports also weighed on grain futures. July corn sagged 2.25 cents to $4.9325/bushel early Thursday morning, while December sagged 2.25 cents to $4.8675.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 343,002 161,266 181,736
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 711,984 872,274 876,169
High 1,408,279 1,837,865 1,837,865
Low 161,266 154,543 155,262
 
 
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The USDA also showed that soybean net sales of 73,600 MT for 2013-2014 were up 80 percent from the previous week and up noticeably from the prior four-week average. 

Increases reported for Indonesia (90,700 MT, including 66,700 MT switched from unknown destinations and decreases of 1,300 MT), Mexico (37,000 MT), Japan (25,600 MT, including 22,500 MT switched from unknown destinations and decreases of 300 MT), Vietnam (6,700 MT), and Taiwan (1,800 MT), were partially offset by decreases for unknown destinations (89,200 MT) and Malaysia (2,700 MT). 

Soybean net sales of 324,700 MT for 2014-2015 were primarily for unknown destinations (265,000 MT) and China (53,000 MT).  Exports of 269,700 MT were up noticeably from the previous week and 17 percent from the prior 4-week average.  The primary destinations were Indonesia (100,100 MT), Mexico (88,500 MT), Japan (50,000 MT), Taiwan (9,100 MT), and the Philippines (8,300 MT).

Doane Advisory Service reports that talks of vigorous demand supported the soy complex overnight. July soybeans rose 0.25 cent to $14.87/bushel around dawn Thursday, while July soyoil gained 0.14 to 41.51 cents/pound, but July soymeal edged $0.4 lower to $486.1/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 73,552 40,817 32,735
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 65,658 469,511 241,237
High 202,236 1,405,911 772,736
Low 782 782 -16,421
 
 
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