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Summary

  • Soybean sales increased to their highest level since February and have increased each of the last three weeks.
  • Corn sales and exports both saw increases, while soybean exports decreased.
  • Wheat sales decreased, but exports increased.

Soybean sales increased to their highest level since February and have increased each of the last three weeks. The USDA Grain Stocks report is expected to come out on Monday with the lowest soybean stocks estimates since 1978. U.S. soybeans have continued selling at a record pace throughout the 2013/2014 marketing year. Corn sales and exports both saw increases, while soybean exports decreased. Wheat sales decreased, but exports increased.

Severe weather and continuous rainfall has plagued much of the upper-Midwest resulting in many acres underwater. Despite the positive conditions report, a slight increase was seen in the price of corn and soybean over concern that the flooding would result in lower yield potential.

Weekly U.S. net corn sales for the week ending June 19th in the 2013/2014 marketing year were 321,400 metrics tons (MT), a 195% increase from the previous week, but a 34% decrease from the prior 10-week average. Increases were reported from Japan, South Korea, Vietnam, Spain, Egypt, and the Netherlands. Decreases were reported from unknown destinations, China and Israel. Exports were 1,154,500 MT, a 3% increase from the prior week, but a 5% decrease from the prior 10-week average. The primary destinations were Mexico, Japan, South Korea, Israel, Spain, Vietnam, and Costa Rica.

Weekly net soybean sales in the 2013/2014 marketing year were 317,200 MT, a 224% increase from the previous week and a 458% increase from the 10-week average. Increases were reported from unknown destinations, Mexico, Thailand, Taiwan, and Vietnam. Decreases were not reported. Exports were 98,200 MT, a 49% decrease from the prior week and a 53% decrease from the prior 10-week average. Primary destinations were Mexico, Japan, Indonesia, Taiwan, and Canada.

Weekly net wheat sales for the week ending June 19th in the 2014/2015 marketing year were 359,400 MT, a 4% decrease from the previous week, but a 41% increase from the prior 10-week average. Increases were reported from South Korea, Brazil, the Philippines, Chile, Jamaica, and Japan. Decreases were reported from unknown destinations, Vietnam, Burma, and Costa Rica. Exports were 587,100 MT, a 12% increase from the prior week and an 11% increase from the prior 10-week average. Primary destinations were Japan, Indonesia, Brazil, Guatemala, Chile, Mexico, and Nigeria.

Source: USDA Foreign Agricultural Service

Source: USDA Foreign Agricultural Service

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it. The author has no business relationship with any company whose stock is mentioned in this article.

Source: USDA Weekly Exports: Soybean Sales Rise Sharply