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Summary

  • In a continuing trend for this growing season, severe weather and rain continued to flood areas of Iowa, southern Minnesota, and Wisconsin.
  • Wheat sales increased after declining the past two weeks. Corn sales decreased slightly and soybeans sales decreased significantly.
  • Soybean exports increased, while corn and wheat exports both fell.

In a continuing trend for this growing season, severe weather and rain continued to flood areas of Iowa, southern Minnesota, and Wisconsin. Hail and strong wind was reported in areas of northwestern Iowa and southeastern South Dakota, shredding and knocking down corn. The USDA Stocks and Acreage reports were released on Monday. Soybean stocks remain low and the USDA has begun importing soybeans to bolster domestic supplies. Monday's USDA Crop Progress report increased the conditions estimate for corn and soybeans despite the flooding and severe weather in major growing areas.

Wheat sales increased after declining the past two weeks. Corn sales decreased slightly and soybeans sales decreased significantly. Soybean exports increased, while corn and wheat exports both fell.

Weekly U.S. net corn sales for the week ending June 26th in the 2013/2014 marketing year were 290,700 metrics tons (MT), a 10% decrease from the previous week and a 37% decrease from the prior 10-week average. Increases were reported from Mexico, Japan, the Netherlands, South Korea, Saudi Arabia, and Portugal. Decreases were reported from unknown destinations, Spain, and Venezuela. Exports were 909,500 MT, a 21% decrease from the prior week and a 25% decrease from the prior 10-week average. The primary destinations were South Korea, Egypt, Mexico, Japan, the Netherlands, Saudi Arabia, and Colombia.

Weekly net soybean sales in the 2013/2014 marketing year were 40,600 MT, an 87% decrease from the previous week and a 53% decrease from the 10-week average. Increases were reported from Malaysia, Indonesia, unknown destinations, Taiwan, and Japan. Decreases were reported from Mexico. Exports were 126,300 MT, a 28% increase from the prior week, but a 31% decrease from the prior 10-week average. Primary destinations were Mexico, Indonesia, Malaysia, Thailand, and Taiwan.

Weekly net wheat sales for the week ending June 26th in the 2014/2015 marketing year were 567,500 MT, a 58% increase from the previous week and a 130% increase from the prior 10-week average. Increases were reported from Brazil, Taiwan, Mexico, Japan, unknown Destinations, and Nigeria. Decreases were reported from Ecuador. Exports were 335,500 MT, a 43% decrease from the prior week and a 37% decrease from the prior 10-week average. Primary destinations were the Philippines, Japan, Mexico, Brazil, South Korea, Colombia, Algeria, and Honduras.

Source: USDA Foreign Agricultural Service

Source: USDA Foreign Agricultural Service

Source: USDA Weekly Exports: Rain And Severe Weather Summarize The 2014 Planting Season Thus Far