Corn Sales At Highest Level Since 2013
T. Marc Schober | Jan 25, 2015 12:13AM ET
ETFS Corn (LONDON:CORN) sales exploded this week, increasing to over 2,000,000 metric tons (MT) of the first time since October 2013. Wheat sales also increased, but soybean sales fell to their lowest level since September 2014 due to large returns from China and unknown destinations. Corn and wheat exports increased moderately, while soybeans exports declined.
Reports of China returning U.S. soybeans caused the price of soybeans to fall over the past two weeks. Continued returns are expected as China looks to purchase cheaper soybeans from Brazil as their Safrinha crop will soon be harvested. Expectations have been tempered as weather in the region has been uncharacteristically dry throughout the second growing season.
Weekly net corn sales were 2,185,400 MT, a 167% increase from last week and a 143% increase from the prior 10-week average. Increases were reported from unknown destinations, Japan, South Korea, Taiwan, Mexico, and Colombia. No decreases were reported. Exports were 762,500 MT, a 91% increase from last week and a 24% increase from the prior 10-week average. The primary destinations were Colombia, Mexico, Peru, Japan, and Guatemala.
Weekly net soybean sales were 14,100 MT, a 99% decrease from last week and a 98% decrease from the prior 10-week average. Increases were reported from Russia, the Netherlands, Mexico, Spain, Japan, Taiwan, and Tunisia. Decreases were reported from unknown destinations, and China. Exports were 1,631,800 MT, a 7% decrease from last week and a 24% decrease from the prior 10-week average. Primary destinations were China, the Netherlands, Mexico, Japan, Spain, Indonesia, and Russia.
Weekly net wheat sales were 458,400 MT, a 61% increase from last week and a 30% increase from the prior 10-week average. Increases were reported from unknown destinations, the Philippines, Nigeria, Israel, Jamaica, and Japan. Decreases were reported from Brazil and El Salvador. Exports were 279,100 MT, a 24% increase from last week, but an 18% decrease from the prior 10-week average. Primary destinations were South Korea, the Philippines, Mexico, Japan, and Taiwan.
Source: USDA Foreign Agricultural Service
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Source: USDA Foreign Agricultural Service
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