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Summary

  • Corn and soybean sales increased for the week ending on June 26th, while wheat sales fell.
  • Exports of corn and wheat increased, while soybean exports fell to their lowest level of 2014.
  • Tomorrow’s WASDE report will show if the USDA believes the flooding, hail and strong wind across the Midwest had any significant impact on the overall corn and soybean yields.

Last week's USDA Stocks and Acreage report did not factor the severe weather seen in pockets of the Corn Belt during the month of June so analysts are eager for Friday's World Agriculture Supply and Demand Estimates report. Tomorrow's report will show if the USDA believes the flooding, hail and strong wind across the Midwest had any significant impact on overall corn and soybean yields. Looking forward, weather in July is expected to be below average, providing perfect weather for corn pollination, which is expected to start in the next five to seven days.

Corn and soybean sales increased for the week ending June 26th, while wheat sales fell. Exports of corn and wheat increased, while soybean exports fell to their lowest level of 2014.

Weekly U.S. net corn sales for the week ending June 26th in the 2013/2014 marketing year were 363,000 metrics tons (MT), a 25% increase from the previous week, but a 15% decrease from the prior 10-week average. Increases were reported from South Korea, Japan, Egypt, Taiwan, Venezuela and Peru. Decreases were reported from unknown destinations, China, Guatemala and Nicaragua. Exports were 1,207,100 MT, a 33% increase from the prior week and a 6% increase from the prior 10-week average. The primary destinations were Japan, Mexico, South Korea, Taiwan, Venezuela, the Netherlands, Egypt and Morocco.

Weekly net soybean sales in the 2013/2014 marketing year were 56,300 MT, a 39% increase from the previous week, but a 38% decrease from the 10-week average. Increases were reported from China, Taiwan, Japan, Thailand and Vietnam. Decreases were reported from unknown destinations. Exports were 89,500 MT, a 29% decrease from the prior week and a 50% decrease from the prior 10-week average. Primary destinations were Mexico, Japan, Indonesia, Thailand and Taiwan.

Weekly net wheat sales for the week ending June 26th in the 2014/2015 marketing year were 338,100 MT, a 40% decrease from the previous week, but a 26% increase from the prior 10-week average. Increases were reported from the Philippines, Saudi Arabia, South Korea, Mexico, Brazil and Nigeria. Decreases were reported from unknown destinations and the United Arab Emirates. Exports were 394,700 MT an 18% increase from the prior week, but a 23% decrease from the prior 10-week average. Primary destinations were the Philippines, Saudi Arabia, Japan, Brazil, South Korea, Venezuela, Jamaica and Mexico.

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: Decreasing Prices Prompt Sales Of Corn And Soybeans