Corn Sales Rebound Following Marketing Year Low

The World Agricultural Supply and Demand Estimates (WASDE) released by the USDA last week estimated an ample supply of US Corn, US Soybeans and US Wheat for the 2013/14 and 2014/15 marketing years. Despite a horrible year for winter wheat due to extreme cold in the growing region that has effected yield estimates, the global wheat supply is expected to make up for the wheat lost in the U.S. Corn acres are lower than they have been in the past five years, but higher a yield estimate is expected to make up for the lost acres.

Corn sales rebounded heavily following a reported decrease last week. Soybean sales also increased for the second week in a row. Wheat sales continued to decline, they have only seen a week to week increase three times since the end of January. Soybean and wheat exports both increased from the prior week. The 2013/14 marketing year for wheat closes at the end May. Corn exports fell continuing their heavy week by week fluctuation.

Weekly U.S. net corn sales for the week ending April 10th in the 2013/2014 marketing year were 343,000 metrics tons (MT), a 113% increase from the previous week, but a 59% decrease from the prior 10-week average. Increases were reported from Egypt, Japan, Portugal, unknown destinations, Mexico, Costa Rica, and Colombia. Decreases were reported from Spain, Guatemala, and China. Exports were 1,023,300 MT, a 28% decrease from the prior week and a 16% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, Egypt, Vietnam, Israel, Colombia, Portugal, and Indonesia.

Weekly net soybean sales were 73,600 MT, an 80% increase from the previous week, but a 43% decrease from the 10 week average. Increases were reported from Indonesia, Mexico, Japan, Vietnam, and Taiwan. Decreases were reported from unknown destinations and Malaysia. Exports were 269,700 MT, a 104% increase from the prior week, but a 56% decrease from the prior 10-week average. Primary destinations were Indonesia, Mexico, Japan, Taiwan, and the Philippines.

Weekly net wheat sales were 54,900 MT, an 83% increase from the previous week and an 84% decrease from the prior 10-week average. Increases were reported from Brazil, Iraq, the Philippines, Chile, Israel, and Honduras. Decreases were reported from unknown destinations, Italy, Nigeria, and Jamaica. Exports were 635,300 MT, a 21% increase from the prior week and a 17% increase from the prior 10-week average. Primary destinations were the Philippines, Brazil, Iraq, Taiwan, Japan, and Mexico.