As the 2014/15 marketing year for corn and soybeans nears its close, sales for both commodities begin to decrease to their lowest levels of the year. This trend happens annually as buyers begin purchasing new crop contracts. Corn sales declined for the second straight week and wheat sales declines for the third consecutive week. Soybean sales increased this week, but continue to be hampered by cheaper Brazilian soybeans. Corn and Wheat exports increased, while soybean exports decreased.
Weekly net corn sales for the 2014/15 marketing year were 331,100 metric tons (MT), a 38% decrease from last week and a 44% decrease from the prior 10-week average. Increases were reported from Saudi Arabia, South Korea, Japan, Mexico, and China. Decreases were reported from unknown destinations, Canada, Colombia, the Dominican Republic, and El Salvador. Exports were 1,131,700 MT, a 17% increase from last week and a 9% increase from the prior 10-week average. The primary destinations were Japan, Mexico, South Korea, Saudi Arabia, Taiwan and China.
Weekly net soybean sales for the 2014/15 marketing year were 45,500 MT, a 10% increase from last week, but a 65% decrease from the prior 10-week average. Increases were reported from the Japan, Panama, Taiwan and China. Decreases were reported from unknown destinations and India. Exports were 168,600 MT, a 17% decrease from last week and a 33% decrease from the prior 10-week average. Primary destinations were Mexico, Japan and Colombia.
Weekly net wheat sales for the 2015/16 marketing year were 291,500 MT, a 16% decrease from last week. Increases were reported from the Philippines, Japan, Jamaica and Chile. Decreases were reported from Panama. Exports were 286,800 MT, a 7% increase from last week, but a 12% decrease form the 10-week average. Primary destinations were the Philippines, Mexico, Nigeria, Brazil and Colombia.
Source: USDA Foreign Agricultural Service
Source: USDA Foreign Agricultural Service
The data for the report was taken from the July 16, 2015 USDA Export Sales report for the week ending July 9, 2015. The information reported is an aggregate of sales and exports data reported to the USDA Foreign Agriculture Service.