Corn Exports Spike Reaching Highest Level Of 2014

US Corn exports increased to their highest level in 2014 along with sales increasing as well. Soybeans saw declining sales and exports following the trend seen for the past month. Soybean stocks are reported to be almost 50 million bushels lower than this time 2013 as sales in 2014 have far outpaced the estimates for the 2013/2014 marketing year.

A decision over the GMO corn trait MIR-162 by China’s Biosafety Committee is expected in the next two weeks on whether to approve the strain that has been seeking acceptance into the country since 2010. Many people within the agricultural community await the Grain Stocks and Prospective Planting reports due out Monday March 31st, 2014. Corn planted acre estimates range between 90.5 and 94.5 million acres with the polled average around 93 million. Soybean planted acre estimates are ranging between 78.5 and 83.6 million acres.

Weekly U.S. net corn sales for the week ending March 20th in the 2013/2014 marketing year were 1,408,300 metrics tons (MT), a 89% increase from the previous week and a 30% increase from the prior 10-week average. Increases were reported from Egypt, Mexico, Colombia, South Korea, Japan, Taiwan, Morocco, and Peru. Decreases were reported from Unknown Destinations, China, and Guatemala. Exports were 1,230,000 MT, a 33% increase from the prior week and a 41% increase from the prior 10-week average. The primary destinations were Mexico, Japan, Colombia, Taiwan, Venezuela, and South Korea.

Weekly net soybean sales were 11,900 MT, a 94% decrease from the previous week and a 97% decrease from the prior 10-week average. Increases were reported from the Netherlands, Japan, Mexico, China, and Taiwan. Decreases were reported from Unknown Destinations, Indonesia, Venezuela, Thailand, and Vietnam. Exports were 720,100 MT, a 36% decrease from the prior week and 50% decrease from the prior 10-week average. Primary destinations were China, Indonesia, Japan, the Netherlands, and Mexico.

Weekly net wheat sales were 400,500 MT, a 0.32% decrease from the previous week and a 20% decrease from the prior 10-week average. Increases were reported from Japan, the Philippines, Nigeria, Egypt, Yemen, Indonesia, South Korea, and the Dominican Republic. Decreases were reported from Unknown Destinations and Trinidad. Exports were 530,400 MT, a 21% increase from the prior week and a 16% increase from the prior 10-week average. Primary destinations were Nigeria, South Korea, the Philippines, Thailand, Mexico, and Japan.