For the third consecutive week, corn net sales have been digging out from under the plunge seen in late April. The USDA’s Weekly Export Sales report shows that corn net sales of 621,300 metric tons (MT) for 2013-2014 were up 22 percent from the previous week and 27 percent from the four-week average. 

Increases were reported for Mexico (249,600 MT), Egypt (200,700 MT, including 60,000 MT switched from unknown destinations), Israel (93,100 MT, including 89,000 MT switched from unknown destinations), Colombia (83,400 MT, including 55,000 MT switched from unknown destinations), Portugal (59,600 MT, including 55,000 MT switched from Spain), and South Korea (59,500 MT). 

Decreases were reported for unknown destinations (155,900 MT), China (115,000 MT), Spain (55,000 MT), and Costa Rica (1,400 MT).  Net sales of 90,900 MT for 2014/2015 were reported for Mexico (89,600 MT) and Japan (1,400 MT). 

Exports of 1,210,200 MT were up 4 percent from the previous week and 1 percent from the prior four-week average.  The primary destinations were Mexico (277,300 MT), Egypt (208,700 MT), Japan (205,300 MT), Colombia (142,600 MT), South Korea (67,800 MT), Vietnam (65,000 MT), and Portugal (59,600 MT). 

Doane Advisory Service shows favorable weather remains the dominant theme in the crop markets. Current weather forecasts continue pointing to periods of sunshine and rain that enable producers to get their crops planted and for those seeds to germinate and grow quickly.

July corn stalled at $4.695/bushel Thursday night, while December lost 1.25 cents to $4.6175.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 621,311 507,869 113,442
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 681,980 834,540 846,495
High 1,408,279 1,837,865 1,837,865
Low 161,266 154,543 155,262
 
 
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The USDA’s report also showed that soybean net sales of 60,300 MT for 2013-2014 were down 63 percent from the previous week and 8 percent from the prior 4-week average.  Increases reported for Taiwan (21,700 MT), Japan (19,100 MT, including 18,000 MT switched from unknown destinations and decreases of 1,000 MT), Indonesia (15,900 MT), Mexico (13,700 MT), Vietnam (8,700 MT), and Canada (2,600 MT), were partially offset by decreases for unknown destinations (22,500 MT). 

Net sales of 821,100 MT for 2014-2015 were primarily for unknown destinations (388,000 MT), China (358,000 MT), and Mexico (40,000 MT).  Exports of 119,300 MT were down 42 percent from the previous week and 46 percent from the prior 4-week average. 

The primary destinations were Mexico (35,800 MT), Indonesia (25,500 MT), Japan (21,800 MT), Israel (18,500 MT), and Taiwan (9,500 MT). 

In the markets, the soy complex was off to a mixed Friday start. Predictions for persistently favorable spring weather seemed to weight on soybeans, particularly new crop futures, Thursday night.

July soybeans slipped 1.5 cent to $14.975/bushel early Friday morning, while July soyoil tumbled 0.23 cents to 39.18 cents/pound, and July soymeal gained $1.0 to $499.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 60,297 164,435 -104,138
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 55,542 392,581 228,964
High 164,435 1,405,911 772,736
Low 782 782 -16,421
 
 
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