Corn Sales Rebound Following Marketing Year Low

Jan 16, 2015

By Colvin

Corn sales rebounded mightily after reporting a marketing year low last week. Soybean sales also increased for the second consecutive week. The back to back increases were needed as prior to last week, soybean sales had declined five weeks in a row. Wheat sales also increased. This is the first time since mid-November that sales for corn, soybeans, and wheat all reported increases in the same week. Soybeans exports increased for the second week in a row, but both corn and wheat exports decreased from last week.

The biggest news this week in U.S. agriculture was the release of the USDA’s World Agriculture Supply and Demand Estimates (WASDE) on Monday. The report showed no real changes, as the USDA continued to speculate on record setting crops for both corn and soybeans.

Weekly net corn sales were 818,800 million metric tons (MT), a 111% increase from last week, but a 5% decrease from the prior 10-week average. Increases were reported from unknown destinations, Mexico, South Korea, Algeria, and Colombia. Decreases were reported from the Dominican Republic. Exports were 400,200 MT, a 22% decrease from last week and a 35% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, Colombia, and Peru.

Weekly net soybean sales were 1,133,200 MT, a 24% increase from last week and a 25% increase from the prior 10-week average. Increases were reported from China, Mexico, the Netherlands, Vietnam, the United Kingdom, Pakistan, Spain, France, South Korea, and Turkey. Decreases were reported from unknown destinations, Morocco, and Egypt. Exports were 1,748,700 MT, a 3% increase from last week, but a 22% decrease from the prior 10-week average. Primary destinations were China, the Netherlands, Vietnam, Indonesia, Japan, the United Kingdom, Spain, South Korea, Egypt, France, and Turkey.

Weekly net wheat sales were 284,800 MT, an 89% increase from last week, but a 16% decrease from the prior 10-week average. Increases were reported from the Philippines, Japan, Mexico, China, and Thailand. Decreases were reported from unknown destinations, the French West Indies, and Nigeria. Exports were 225,600 MT, a 51% decrease from last week and a 33% decrease from the prior 10-week average. Primary destinations were Japan, Thailand, the Philippines, Mexico, and Taiwan.