Exports: Corn plummets to 27-week low

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Corn net sales continued to plunge this week, with the USDA reported reductions of 27,900 metric tons (MT) in its latest “U.S. Export Sales” report.

These reductions resulted as increases for Japan (29,200 MT, switched from unknown destinations), Mexico (16,300 MT), Venezuela (13,000 MT), Taiwan (10,200 MT), and Guyana (2,900 MT, switched from the French West Indies), were more than offset by decreases for unknown destinations (96,200 MT), the French West Indies (3,000 MT), and Panama (800 MT).  Net sales of 515,900 MT for 2013/2014 were primarily for unknown destinations (319,800 MT), Mexico (94,400 MT), and Guatemala (45,000 MT). 

Exports of 239,900 MT were up 41 percent from the previous week and 19 percent from the prior 4-week average.  The primary destinations were Japan (99,600 MT), Mexico (65,100 MT), Venezuela (48,000 MT), and Colombia (16,700 MT). 

On Wednesday corn futures resumed their Tuesday slide as forecasts for fine mid-summer weather weighed on new crop corn futures. Overnight corn futures continued to slide, with forecasts still weighing on new crop prices. Ongoing losses in old-crop soybeans dragged the nearby quotes for yellow grain downward. September corn futures dipped 1.75 cents to $5.065/bushel just after sunrise Thursday, while December slipped 1.5 cents to $4.7875.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -27,926 152,910 -180,836
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 159,918 212,409 204,434
High 391,987 400,347 400,347
Low -27,926 -27,926 -49,809
 
 
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The report showed a different story for soybeans, with net sales reported at 128,300 MT, up 16 percent from the previous week and up noticeably from the 4- week average.

Increases for unknown destinations (34,900 MT), Indonesia (31,500 MT, including 25,100 MT switched from unknown destinations), Japan (29,800 MT), Taiwan (26,500 MT), and Vietnam (5,500 MT), were partially offset by decreases for Mexico (1,300 MT). 

Net sales of 665,200 MT for 2013/2014 were primarily for China (426,000 MT) and unknown destinations (165,000 MT).  Exports of 82,200 MT were down 32 percent from the previous week and 39 percent from the prior 4-week average.  The primary destinations were Mexico (34,100 MT), Indonesia (26,100 MT), Japan (6,800 MT), Vietnam (6,600 MT), and Canada (4,400 MT). 

Diving old crop prices sparked widespread soybean losses on Wednesday as the prospect of large new crop supplies encouraged country buyers to drop their bids for soybeans and meal.  Overnight, old crop prices led the soy complex lower again. August soybean futures dove 31.5 cents to $13.61/bushel in early Thursday morning trading, while August soyoil tumbled 0.57 cents to 43.69 cents/pound, and August soymeal plunged the $20.0 limit to $447.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 128,335 110,600 17,735
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 64,151 228,911 232,335
High 183,480 896,166 1,608,774
Low 14,451 14,451 -206,312
 
 
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