Brazilian Corn Pressures U.S. Exports
T. Marc Schober | Jun 11, 2015 01:34PM ET
Corn exports reported a decrease for the sixth consecutive week; exports have fallen as Chinese demand has decreased and Brazilian corn has now entered the market. wheat exports also declined, although soybeans exports increased. Wheat began the 2015/16 marketing year with the highest sales in six weeks. Corn and Soybean sales also increased, both rebounding from declines last week.
The USDA World Agricultural Supply and Demand Estimates released yesterday caused minor movement in the market. Wheat production was increased after adequate rains over the past month provided relief to drought stricken areas. Corn ending stocks in 2014/15 were increased due to lower than expected corn usage for ethanol.
Weekly net corn sales for the 2014/15 marketing year were 495,000 metric tons (MT), a 7% increase from last week, but a 24% decrease from the prior 10-week average. Increases were reported from South Korea, Japan, Peru, and Mexico. Decreases were reported from unknown destinations. Exports were 826,200 MT, a 14% decrease from last week and a 20% decrease from the prior 10-week average. The primary destinations were Mexico, Taiwan, South Korea, and Japan.
Weekly net soybean sales for the 2014/15 marketing year were 164,000 MT, a 26% increase from last week, but a 30% decrease from the prior 10-week average. Increases were reported from Mexico, Bangladesh, Switzerland, and Malaysia. Decreases were reported from unknown destinations, Indonesia, and Vietnam. Exports were 244,800 MT, a 9% increase from last week, but a 31% decrease from the prior 10-week average. Primary destinations were Mexico, Bangladesh, and Japan.
Weekly net wheat sales for the 2015/16 marketing year were 376,000 MT, the first report of the new marketing year. Increases were reported from Nigeria, unknown destinations, China, South Korea, and Ghana. Decreases were reported from Mexico, Vietnam, and Honduras. Exports were 92,000 MT, the first report of the new marketing year. Primary destinations were Ghana, Vietnam, Indonesia, the Philippines, and Mexico.
Source: USDA Foreign Agricultural Service
Source: USDA Foreign Agricultural Service
The data for the report was taken from the June 11, 2015 USDA Export Sales report for the week ending June 4, 2015. The information reported is an aggregate of sales and exports data reported to the USDA Foreign Agriculture Service.
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