According to the USDA’s “U.S. Export Sales” report, corn sales of 691,400 metric tons (MT) for 2013-2014 were down 46 percent from last week and 50 percent from the four-week average. This marks the third straight report to show a decline in corn sales. However, despite dropping by more than 578,000 MT, corn net sales are still well above the yearly low set in mid-January.
Increases were reported for Japan (454,100 MT, including 156,100 MT switched from unknown destinations), Peru (99,300 MT, including 62,000 MT switched from unknown destinations), Egypt (74,800 MT, including 18,000 MT switched from unknown destinations), Venezuela (46,000 MT, including 5,000 MT switched from unknown destinations), and Guatemala (30,200 MT). Decreases were reported for unknown destinations (127,500 MT), China (18,800 MT), and the Dominican Republic (8,800 MT).
Exports of 745,000 MT were down 22 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Japan (330,200 MT), Mexico (146,700 MT), Peru (99,300 MT), South Korea (60,600 MT), and Colombia (29,600 MT).
Doane Advisory Services reports that corn futures dipped in response to Friday’s early USDA data, which forecast little change to the 2014 corn acreage. March corn slid 1.5 cents to $4.5425/bushel early Friday morning, while May lost 1.75 to $4.605.
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The report also showed that soybean net sales of 86,300 MT for 2013-2014, a marketing-year low, resulted as increases for the Netherlands (150,100 MT, including 140,000 MT switched from unknown destinations), Mexico (131,600 MT), Indonesia (100,200 MT), Japan (87,000 MT, including 27,000 MT switched from unknown destinations), and Vietnam (13,800 MT), were partially offset by decreases for unknown destinations (268,500 MT) and China (145,600 MT).
Net sales of 749,100 MT for 2014-2015 were reported for China (476,000 MT), unknown destinations (180,000 MT), Mexico (69,100 MT), and Japan (24,000 MT). Exports of 1,339,500 MT were down 10 percent from the previous week and 17 percent from the prior 4-week average.
The primary destinations were China (881,800 MT), the Netherlands (150,100 MT), Vietnam (76,600 MT), Indonesia (74,300 MT), and Mexico (53,500 MT).