Exports: Corn back around average

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After skyrocketing last week as the USDA made up for lost time during the government’s shutdown, corn exports have returned closer to normal.

According to the USDA’s latest “U.S. Export Sales” report, corn net sales of 1,718,600 metric tons (MT) for 2013-2014 were reported for Japan (382,400 MT, including 76,000 MT switched from unknown destinations and decreases of 9,000 MT), unknown destinations (330,600 MT), South Korea (308,200 MT), China (289,400 MT, including 55,000 MT switched from unknown destinations and decreases of 6,700 MT), Mexico (221,100 MT), and Egypt (110,000 MT).  Exports of 710,200 MT were primarily to Mexico (295,400 MT), China (194,100 MT), Japan (132,700 MT), Colombia (38,300 MT), and Indonesia (22,600 MT). 

This is well-below the 4,555,497 MT reported last week.

Corn futures closed weakly Wednesday as anticipation of a record U.S. corn crop and good results for other crops reportedly exerted persistent downward pressure upon corn futures again.  Futures edged upward overnight on an anticipation of a record U.S. corn crop and good results for other crops. December corn futures rose 0.75 cent to $4.22/bushel just before dawn Thursday, while May added 0.75 cent to $4.4025.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,718,632 4,555,497 -2,836,865
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,549,286 581,937 372,200
High 4,555,497 4,555,497 4,555,497
Low 437,384 58,187 -113,214
 
 
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The report also showed that set sales of 1,018,400 MT for 2013-2014 were reported for China (1,058,400 MT, including 460,000 MT switched from unknown destinations and decreases of 157,900 MT), Indonesia (113,800 MT, including 74,100 MT switched from unknown destinations), Japan (67,200 MT, including 18,000 MT switched from unknown destinations), Spain (66,600 MT, including 65,000 MT switched from unknown destinations), the Netherlands (44,500 MT, including 40,000 MT switched from unknown destinations), and Mexico (31,500 MT). 

Decreases were reported for unknown destinations (382,000 MT) and Russia (30,000 MT).  Net sales of 18,700 MT for 2014/2015 were reported for Japan.  Exports of 2,159,800 MT were primarily to China (1,690,900 MT), Mexico (93,400 MT), Indonesia (92,700 MT), Spain (66,600 MT), and Egypt (53,400 MT). 

Short covering exaggerated Wednesday’s soy gains and into Thursday morning.  January soybean futures skidded 0.25 cent to $12.5475/bushel early Thursday morning, while December soyoil slid 0.24 cents to 40.90 cents/pound, and December soymeal added $1.5 to $398.3/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 1,018,385 4,742,012 -3,723,627
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 1,613,727 609,173 433,306
High 4,742,012 4,742,012 4,742,012
Low 5,119 5,119 -206,312
 
 
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