Corn climbs 52% from last week

(Cattle Network) – According to the USDA’s latest Weekly Export Sales report, corn net sales of 937,900 metric tons (MT) for 2013-2014 were up 52 percent from the previous week and 35 percent from the four-week average.

Increases were reported for Japan (587,800 MT, including 139,300 MT switched from unknown destinations and decreases of 2,600 MT), Mexico (197,900 MT), South Korea (115,500 MT, including 65,000 MT switched from unknown destinations and decreases of 4,500 MT), Costa Rica (36,000 MT), Venezuela (30,000 MT, including 22,000 MT switched from unknown destinations), and Morocco (30,000 MT).  Decreases were reported for unknown destinations (145,300 MT), China (18,800 MT), and Jamaica (2,000 MT).

Corn net sales of 13,800 MT for 2014/2015 for unknown destinations (16,300 MT), were partially offset by decreases for China (2,500 MT).  Exports of 1,216,000 MT were down 25 percent from the previous week and 8 percent from the prior 4-week average.  The primary destinations were Japan (356,200 MT), Mexico (182,700 MT), Egypt (129,400 MT), Spain (67,000 MT), Colombia (65,900 MT), China (61,400 MT), and South Korea (60,500 MT).

According to Doane Advisory Service, corn slipped overnight into Thursday. July corn dipped 4.5 cents to $5.145/bushel in early Thursday trading, while December lost 3.5 cents to $5.0575.

The report also showed soybean net sales reductions of 16,400 MT for 2013/2014–a marketing-year low–were up noticeably from the previous week, but down noticeably from the prior 4-week average.

Increases reported for Indonesia (84,500 MT, including 68,000 MT switched from unknown destinations and decreases of 1,100 MT), Egypt (26,300 MT, including 25,000 MT switched from unknown destinations), Canada (26,200 MT, including 24,400 MT switched from unknown destinations), Japan (12,100 MT, including 10,100 MT switched from unknown destinations and decreases of 700 MT), Cuba (5,000 MT), and Vietnam (4,700 MT), were more than offset by decreases for unknown destinations (154,100 MT), Mexico (19,800 MT), and China (5,000 MT).

Soybean net sales of 78,900 MT for 2014/2015 were primarily for China (64,000 MT), Japan (26,400 MT), and Indonesia (6,000 MT).  Decreases were reported for unknown destinations (23,500 MT) and Vietnam (1,000 MT).  Exports of 272,600 MT were up 50 percent from the previous week, but down 42 percent from the prior 4-week average.  The primary destinations were Indonesia (100,500 MT), Mexico (51,300 MT), Canada (27,700 MT), Egypt (26,300 MT), Colombia (20,000 MT), and Japan (15,000 MT).

The soy markets declined in concert with corn in early Thursday trading. July soybeans fell 8.25 cents to $15.045/bushel Wednesday night, while July soyoil slid 0.08 cents to 42.03 cents/pound, and July soymeal declined $4.8 to $488.9/ton.