After hitting a 10-week low in early May, corn net sales are continuing to rebound.

According to the USDA’s Weekly Export Sales report for the period May 9 to May 15, corn net sales of 507,900 metric tons (MT) for 2013-2014 were up 48 percent from the previous week, but down 1 percent from the prior four-week average. 

Increases were reported for South Korea (508,200 MT, including 188,000 MT switched from unknown destinations), Mexico (158,000 MT), Colombia (108,900 MT, including 89,000 MT switched from unknown destinations and decreases of 1,000 MT), Taiwan (79,600 MT, including 60,000 MT switched from China), the Dominican Republic (45,600 MT), and Guatemala (27,800 MT, including 22,800 MT switched from unknown destinations).  Decreases were reported for Japan (186,400 MT), unknown destinations (173,000 MT), Egypt (62,800 MT), China (60,100 MT), and the French West Indies (5,000 MT).  Net sales of 62,500 MT for 2014/2015 were reported for Mexico (60,000 MT) and Nicaragua (5,000 MT).  Decreases were reported for Guatemala (2,500 MT). 

Exports of 1,159,100 MT were up 13 percent from the previous week, but down 12 percent from the prior 4-week average.  The primary destinations were South Korea (312,300 MT), Japan (230,200 MT), Colombia (209,400 MT), Mexico (187,300 MT), Taiwan (83,200 MT), Egypt (65,200 MT), and Guatemala (22,800 MT). 

Doane Advisory Services shows corn futures benefited from soybean gains overnight into Thursday. July corn rose 2.75 cents to $4.7725/bushel in early Thursday trading, while December edged up 1.5 cents to $4.7325.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 507,869 343,002 164,867
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 694,429 846,534 857,754
High 1,408,279 1,837,865 1,837,865
Low 161,266 154,543 155,262
 
 
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The USDA also showed that during this same period, soybean net sales of 164,400 MT for 2013-2014 were up noticeably from the previous week and from the prior 4-week average. 

Increases were reported for Mexico (65,100 MT), Indonesia (29,000 MT), Taiwan (22,900 MT), unknown destinations (19,000 MT), Venezuela (12,000 MT), and Japan (10,600 MT).  Net sales of 451,200 MT for 2014/2015 were primarily for China (230,500 MT), unknown destinations (180,000 MT), and Japan (15,200 MT). 

Exports of 204,900 MT were down 24 percent from the previous week and 4 percent from the prior 4-week average.  The primary destinations were Mexico (116,900 MT), Japan (33,300 MT), Indonesia (28,000 MT), China (9,300 MT), and Taiwan (7,700 MT).

For soybeans, Doane reports that old crop tightness sparked continued soy buying. The soy complex posted gains across the board overnight as traders refocused on the tightness of the old crop situation. July soybeans jumped 18.25 cents to $15.235/bushel early Thursday morning, while July soyoil climbed 0.45 cents to 40.92 cents/pound, and July soymeal surged $4.7 to $502.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 164,435 73,552 90,883
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 71,313 443,200 237,397
High 202,236 1,405,911 772,736
Low 782 782 -16,421
 
 
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