Corn net sales made significant strides this week, climbing by 64 percent from last week to 133,400 metric tons (MT). According to the USDA, this is well above last week’s report of 81,500 MT but still 30 percent below the 10-week average.
The USDA showed in its weekly “U.S. Export Sales report” that these net sales resulted as increases for Japan (132,400 MT, including 43,500 MT switched from unknown destinations), Mexico (32,600 MT), Venezuela (30,000 MT, switched from unknown destinations), Guatemala (10,400 MT, switched from unknown destinations), and El Salvador (8,500 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (72,300 MT) and Jamaica (14,500 MT).
Net sales of 77,100 MT for 2013/2014 were for Mexico (80,400 MT), Taiwan (4,500 MT), China (4,000 MT), and Colombia (4,000 MT). Decreases were reported for Jamaica (8,300 MT) and Panama (7,500 MT).
Exports of 322,400 MT were up 39 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Mexico (118,300 MT), Japan (93,000 MT), Venezuela (48,000 MT), and Panama (30,100 MT).
On Wednesday corn futures resumed their early-week rally, but as forecasts point to hot and dry conditions in the Corn Belt later this month, the late-planted crops could be stressed. Overnight, U.S. dollar strength and pessimism depressed corn futures and the commodity sector Wednesday night. July corn dropped 6.0 cents to $6.7625/bushel early Thursday morning, while December tumbled 8.0 cents to $5.625.
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The report also showed soybean sales on the upswing, too. Soybean net sales of 52,600 MT were up 57 percent from the previous week and 34 percent from the prior 4-week average.
Increases were reported for Mexico (36,900 MT), Taiwan (6,000 MT), Canada (3,000 MT), Indonesia (2,600 MT), and Vietnam (2,200 MT). Net sales of 108,500 MT for 2013/2014 were primarily for China (55,000 MT), Mexico (30,000 MT), and unknown destinations (16,000 MT).
Exports of 92,700 MT--a marketing-year low--were down 28 percent from the previous week and 20 percent from the prior 4-week average. The primary destinations were Mexico (45,400 MT), Indonesia (8,800 MT), Taiwan (8,800 MT), Vietnam (6,900 MT), and Venezuela (6,000 MT).