USDA: Corn net sales rebound after sluggish start to 2014

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In the USDA’s latest “U.S. Export Sales” report, corn net sales of 821,000 metric tons (MT) for 2013-2014 were up noticeably from last week and 26 percent higher than the four-week average. It is also around 33,000 MT above the 10-week average.

Increases were reported for Egypt (265,500 MT), Japan (248,100 MT, including 64,900 MT switched from unknown destinations and decreases of 56,300 MT), Mexico (195,700 MT), Taiwan (63,500 MT), and South Korea (58,900 MT). 

Decreases were reported for China (169,800 MT) and unknown destinations (15,800 MT). 

 Exports of 674,500 MT were up 12 percent from the previous week, but down 23 percent from the prior 4-week average.  The primary destinations were Japan (226,100 MT), Mexico (148,900 MT), South Korea (58,800 MT), Egypt (41,500 MT), and Colombia (34,900 MT).   

Corn futures firmed overnight into Thursday as little news concerning corn emerged. March corn edged up 0.5 cent to $4.2625/bushel early Thursday morning, while May gained 0.5 to $4.34/bushel.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 821,021 155,262 665,759
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 788,047 885,464 488,142
High 1,478,536 4,555,497 821,021
Low 154,543 58,187 155,262
 
 
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The report also showed soybean net sales of 701,500 MT for 2013-2014, up noticeably from last week and 32 percent from the four-week average. 

Increases were reported for China (678,200 MT, including 233,000 MT switched from unknown destinations and decreases of 142,900 MT), Mexico (84,100 MT), Spain (68,200 MT, including 57,100 MT switched from unknown destinations), Portugal (67,800 MT, including 65,000 MT switched from unknown destinations), and Bangladesh (50,000 MT). 

Decreases were reported for unknown destinations (402,700 MT), and Colombia (16,400 MT).  Net sales of 525,300 MT for 2014/2015 were reported for China (512,000 MT), Mexico (10,800 MT), and Japan (2,600 MT). 

Exports of 1,563,200 MT were down 7 percent from the previous week, but up 2 percent from the prior 4-week average.  The primary destinations were China (1,086,600 MT), Spain (128,200 MT), Portugal (67,800 MT), Mexico (45,400 MT), and Taiwan (35,500 MT).

 Talk of strong export demand and hot, dry conditions in Argentina boosted the soybean sector Wednesday, but the late surge was fueled by the NOPA crush report, since it stated the December crush at a record high. The likelihood that the industry is crushing for meal likely supported that product and seemed to depress oil in overnight action. On Thursday, the soybean complex still reacted to the bullish NOPA crush report. March soybeans rose 2.75 cents to $13.2075/bushel in pre-dawn Thursday trading, while March soyoil skidded 0.08 cents to 37.91 cents/pound, and March soymeal inched $1.3 higher to $435.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 701,497 155,482 546,015
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 848,077 917,313 428,490
High 1,405,911 4,742,012 701,497
Low 155,482 5,119 155,482
 
 
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