Corn Exports Highest Since October

Corn exports increased for the second week in a row, the highest volume since the beginning of harvest. Corn sales decreased after large increases the past two weeks, but remain above the 10-week average. Soybean sales increased significantly from low levels reported last week, although exports declined slightly. Wheat sales increased for the third week in a row, reaching their highest level since late September.

The harvest in Brazil has begun and early reports are suggesting average to below average results. The lack of rain in major growing areas caused significant crop stress throughout the season. The drought has also impacted the Tiete-Parana waterway, a key source of transportation for grain from Mato Grosso and Goias, two high producing agricultural states. Brazil’s already stressed infrastructure may again struggle to transport grain to ports in 2015.

Weekly net corn sales were 1,068,200 MT, a 51% decrease from last week, but a less than 1% increase from the prior 10-week average. Increases were reported from Japan, Mexico, South Korea, Egypt, Venezuela, and Morocco. Decreases were reported from unknown destinations. Exports were 942,600 MT, a 24% increase from last week and a 49% increase from the prior 10-week average. The primary destinations were Japan, Mexico, Venezuela, Morocco, and Colombia.

Weekly net soybean sales were 888,200 MT, a significant increase form the marketing year low reported last week and a 29% increase from the prior 10-week average. Increases were reported from China, Germany, the Netherlands, Mexico, Portugal, and Egypt. Decreases were reported from unknown destinations, Turkey, and Singapore. Exports were 1,629,600 MT, a less than 1% decrease from last week and a 21% decrease from the prior 10-week average. Primary destinations were China, Germany, the Netherlands, Japan, and Mexico.

Weekly net wheat sales were 544,400 MT, a 19% increase from last week and a 52% increase from the prior 10-week average. Increases were reported from unknown destinations, the Philippines, Thailand, Mexico, Nigeria, and Japan. Decreases were not reported. Exports were 340,500 MT, a 22% increase from last week and a 1% increase from the prior 10-week average. Primary destinations were Japan, Mexico, the Philippines, Guatemala, and Nigeria.