Exports: Corn sales nearly triple

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Corn net sales exploded this week, nearly triple last week’s “U.S. Export Sales” report and setting a new 10-week high.

In the USDA report, corn net sales of 336,700 metric tons (MT) resulted as increases for unknown destinations (140,100 MT), Japan (72,100 MT), Venezuela (58,000 MT, including 20,000 MT switched from unknown destinations), Costa Rica (25,000 MT), and Mexico (11,400 MT), were partially offset by decreases for Canada (1,400 MT). 

Net sales of 153,600 MT for 2013/2014 were primarily for Mexico (77,400 MT), unknown destinations (62,900 MT), and Japan (7,100 MT).  Exports of 151,200 MT were down 53 percent from the previous week and 52 percent from the prior 4-week average.  

The primary destinations were Venezuela (58,000 MT), Mexico (46,400 MT), Japan (25,500 MT), and Honduras (13,900 MT).   

On Wednesday the tight old-crop situation boosted July futures with the expiring July contract diverged from its deferred counterparts. Overnight corn resumed its pattern of old-crop strength and new-crop losses. July corn futures rose 1.0 cent to $6.655/bushel early Thursday morning, while December sagged 2.5 cent to $5.415.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 336,670 133,422 203,248
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 182,884 205,075 207,140
High 336,670 400,347 400,347
Low 81,499 12,622 -49,809
 
 
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The USDA’s report also showed that soybean net sales dropped this week to 14,500 MT. This resulted as increases for Indonesia (87,700 MT, including 83,000 MT switched from unknown destinations), Malaysia (25,000 MT, including 24,000 MT switched from unknown destinations), Colombia (4,000 MT), Taiwan (3,000 MT), and Guatemala (2,600 MT), were partially offset by decreases for unknown destinations (107,000 MT) and Mexico (4,500 MT). 

Net sales of 451,100 MT for 2013/2014 were primarily for China (360,000 MT), Mexico (53,000 MT), and Indonesia (15,000 MT). 

Exports of 223,000 MT were up noticeably from the previous week and 95 percent from the prior 4-week average.  The primary destinations were Indonesia (87,900 MT), Mexico (61,900 MT), Japan (26,900 MT), Malaysia (25,000 MT), and Morocco (10,500 MT). 

Soybean futures also benefited from old-crop tightness on Wednesday though the favorable production impact of the weather systems currently crossing the Corn Belt appeared to undercut the deferred soybean contracts. On Thursday morning soybean futures rallied in concert with corn, likely reflecting strength spilling-over from the corn pit. July soybean futures climbed 6.5 cents to $15.4075/bushel as the sun rose over Chicago Thursday, while July soyoil gained 0.15 cents to 46.78 cents/pound and July soymeal advanced $4.0 higher to $467.3/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 14,451 52,613 -38,162
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 16,790 316,862 257,962
High 193,775 1,608,774 1,608,774
Low 14,451 14,451 -206,312
 
 
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