USDA Weekly Exports: High Temperatures May Put Pressure On Soybean Conditions

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Includes: CORN, SOYB, WEET
by: T. Marc Schober

Summary

Forecasts for the coming weeks suggest above average temperatures and below average rainfall.

Exports were up for corn, soybeans, and wheat last week. Soybean exports have increased the last two weeks and wheat exports have increased the last three.

Soybean and wheat sales also increased, while corn sales decreased.

Forecasts for the coming weeks suggest above average temperatures and below average rainfall. Following crop condition reports that are at their best levels since 1994, the weather could put significant pressure on soybean conditions as they enter their pollination stage. Grain prices have fallen significantly in the past few months due to potentially record breaking production from both corn and soybeans this year.

Exports were up for corn, soybeans, and wheat last week. Soybean exports have increased the last two weeks and wheat exports have increased the last three. Soybean and wheat sales also increased, while corn sales decreased.

Weekly U.S. net corn sales for the week ending July 17th in the 2013/2014 marketing year were 291,500 metrics tons (MT), a 49% decrease from the previous week, and a 29% decrease from the prior 10-week average. Increases were reported from Japan, Spain, South Korea, the Netherlands, Mexico, and Canada. Decreases were reported from unknown destinations and China. Exports were 992,500 MT, a 9% increase from the prior week and a 9% increase from the prior 10-week average. The primary destinations were Japan, South Korea, Mexico, Egypt, Spain, and Costa Rica.

Weekly net soybean sales in the 2013/2014 marketing year were 226,700 MT, a significant increase from the previous week and the 10-week average. Increases were reported from China, Indonesia, Vietnam, Taiwan, and Japan. Decreases were reported from unknown destinations and Mexico. Exports were 162,700 MT, a 72% increase from the prior week and a 5% increase from the prior 10-week average. Primary destinations were Indonesia, Japan, and Mexico.

Weekly net wheat sales for the week ending July 17th in the 2014/2015 marketing year were 443,200 MT, a 38% increase from the previous week and a 57% increase from the prior 10-week average. Increases were reported from Japan, Nigeria, Singapore, Brazil, Vietnam, and Mexico. Decreases were reported from the Philippines, unknown destinations, and Panama. Exports were 551,700 MT, a 32% increase from the prior week and a 16% increase from the prior 10-week average. Primary destinations were Brazil Indonesia, Taiwan, Mexico Japan, and Singapore.

Source: USDA Foreign Agricultural Service

Source: USDA Foreign Agricultural Service

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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.

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