November 22, 2013
US 2013-14 corn exports down 21%
US 2013-14 corn net sales were 945,100 tonnes, down 21% from last week''s report but more than double the annual average, as shown in the USDA''s latest "US Export Sales" report.
These sales were reported for Japan (403,000 tonnes, including 34,700 tonnes switched from unknown destinations), China (321,600 tonnes, including 313,700 tonnes switched from unknown destinations and decreases of 2,700 tonnes), Mexico (275,800 tonnes), Egypt (60,000 tonnes), Colombia (37,700 tonnes, including 32,000 tonnes switched from unknown destinations), and Guatemala (23,500 tonnes), were partially offset by decreases for unknown destinations (201,400 tonnes).
Net sales of 37,600 tonnes for 2014-2015 were reported for Japan. Exports of 756,300 tonnes were primarily to China (339,700 tonnes), Mexico (210,900 tonnes), Japan (86,500 tonnes), Colombia (35,200 tonnes), and El Salvador (27,200 tonnes).
Corn futures led the crop markets higher Wednesday (Nov 20) night, and with little fresh news early Thursday (Nov 21) morning, traders looked for firming cash prices now that the US corn harvest is largely complete. December corn futures rose US$0.025 to US$4.195 per 0.11 tonne around dawn Thursday, while May edged up 1.25 to US$4.3475.
The report also showed that soy net sales of 1,376,400 tonnes for 2013-14 were reported for China (1,152,000 tonnes, including 324,700 tonnes switched from unknown destinations and decreases of 70,100 tonnes), Mexico (174,700 tonnes), the Netherlands (95,300 tonnes, including 90,500 tonnes switched from unknown destinations), Spain (72,100 tonnes, including 65,000 tonnes switched from unknown destinations), and Saudi Arabia (65,000 tonnes).
Decreases were reported for unknown destinations (465,200 tonnes) and Costa Rica (1,100 tonnes). Exports of 2,488,600 tonnes were primarily to China (1,926,100 tonnes), Taiwan (96,000 tonnes), the Netherlands (95,300 tonnes), Spain (72,100 tonnes), Egypt (63,100 tonnes), and France (59,500 tonnes).
On Thursday (Nov 21), surging palm oil prices seemingly boosted the soy complex in early trading. Talk of growing tightness of global palm oil supplies sent Asian prices to their highest level in over a year, which pulled soyoil values upward as well. Those gains also boosted bean and meal prices despite the latter products'' position on the opposite side of the crush spread.
January soyfutures rallied US$0.06 to US$12.7975 per 0.35 tonne in early Thursday action, while December soyoil surged US$0.0056 to US$0.4088/pound, and December soymeal stabilised at US$407.0/tonne.