Seeking Alpha
Recommended for you:
-
dasdasdasdadas
Commodities, value, long-term horizon
Profile| Send Message|
( followers)  

Summary

  • Wheat sales rebounded from a marketing year low on the news that civil unrest in Ukraine has split the country.
  • Soybean sales continue to decline but total commitments this year have exceeded the USDA's projections.
  • Crop Progress report released Monday estimated 3% of corn acres planted thus far. A 1% increase from this time last year, but a 3% decrease from the four-year average.

Wheat sales rebounded from a marketing year low on the news that civil unrest in Ukraine has split the country. Reports state that pro-Russian Ukrainians have taken control of several eastern cities, prompting a military response from the Ukrainian government. Global diplomats are fearing Ukraine may fall into a civil war, which would heavily disrupt the production and exportation of its crops, affecting global supply.

Soybean sales continue to decline but total commitments this year have exceeded the USDA's projections. The USDA Crop Progress report released Monday estimated that roughly 3% of corn acres had been planted thus far. That is a 1% increase from the same time last year, but a 3% decrease from the four-year average.

Weekly U.S. net corn sales for the week ending April 10 in the 2013/2014 marketing year were 601,900 metrics tons (MT), a 9% decrease from the previous week and a 43% decrease from the prior 10-week average. Increases were reported from Japan, Israel, South Korea, Taiwan, Costa Rica, Mexico and Saudi Arabia. Decreases were reported from unknown destinations and China. Exports were 1,111,000 MT, a 9% decrease from the prior week, but a 10% increase from the prior 10-week average. The primary destinations were Japan, Mexico, Colombia, Egypt, Saudi Arabia, Taiwan and Venezuela.

Weekly net soybean sales were 19,200 MT, a 76% increase from the previous week, but a 92% decrease from the prior 10-week average. Increases were reported from Indonesia, Japan, Taiwan, Egypt and Mexico. Decreases were reported from unknown destinations, China and Turkey. Exports were 339,200 MT, a 52% decrease from the prior week and a 70% decrease from the prior 10-week average. Primary destinations were Indonesia, China, Egypt, Mexico, Japan and Taiwan.

Weekly net wheat sales were 438,000 MT, a 948% increase from the previous week and a 3% increase from the prior 10-week average. Increases were reported from Brazil, Peru, Egypt, Mexico, Malaysia, unknown destinations and Japan. Decreases were reported from Nigeria. Exports were 556,300 MT, a 0.5% increase from the prior week and an 18% increase from the prior 10-week average. Primary destinations were Japan, Mexico, Egypt, Brazil, the Philippines and Malaysia.

Source: USDA Foreign Agricultural Service

Source: USDA Foreign Agricultural Service

Source: USDA Weekly Exports: Ukrainian Unrest Catapults Wheat Sales