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Summary

  • Wheat sales increased significantly over the past week, reaching their highest mark since October 2013.
  • Corn and soybean sales declined.
  • Exports fell for corn, soybeans and wheat, the first time that has happened since the beginning of June.

Fluctuating weather forecasts have kept the market on its toes as both corn and soybeans begin to enter crucial stages in their development where precipitation is very important. The six-to-ten day weather forecast has fluctuated from below average precipitation expectations to above average as farmers anxiously wait for rain. Despite earlier flooding, many areas are in need of some precipitation with many farmers reporting low sub-soil moisture levels.

Wheat sales increased significantly over the past week, reaching their highest mark since October 2013. Corn and soybean sales declined. Exports fell for corn, soybeans and wheat, the first time that has happened since the beginning of June.

Weekly U.S. net corn sales for the week ending July 24th in the 2013/2014 marketing year were 173,800 metrics tons (MT), a marketing year low. Corn sales saw a 40% decrease from the previous week and a 57% decrease from the prior 10-week average. Increases were reported from South Korea, Saudi Arabia, Mexico, Peru, Canada and Morocco. Decreases were reported from Japan, China, unknown destinations and Ireland. Exports were 865,500 MT, a 12% decrease from the prior week and a 21% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, South Korea, Saudi, Arabia, Egypt, Morocco and Panama.

Weekly net soybean sales in the 2013/2014 marketing year were 187,400 MT, a 17% decrease from the previous week, but a 66% increase from the 10-week average. Increases were reported from China, Taiwan, Indonesia, Colombia and Mexico. Decreases were reported from unknown destinations. Exports were 105,400 MT, a 35% decrease from the prior week and a 27% decrease from the prior 10-week average. Primary destinations were Mexico, Indonesia, Vietnam and Thailand.

Weekly net wheat sales for the week ending July 17th in the 2014/2015 marketing year were 801,000 MT, an 81% increase from the previous week and a 150% increase from the prior 10-week average. Increases were reported from Nigeria, Panama, Brazil, Mexico, Japan and the Philippines. Decreases were reported from the French West Indies. Exports were 419,600 MT, a 24% decrease from the prior week and a 10% decrease from the prior 10-week average. Primary destinations were Mexico, Japan, Taiwan, Guatemala, South Korea and China.

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: Wheat Sales Increase To Highest Level Of The Year