Planting delays and poor winter wheat condition reports have caused both Corn and Wheat prices to rise. Continued delay in planting may cause more farmers to abandon corn for Soybeans. Reports are suggesting that the soybean harvest may bring in a record crop this year resulting from a greater than average number of acres being shifted to soybeans. Fighting in Eastern Europe intensified with casualties across southeastern Ukraine. The USDA released a statement expressing concern over Ukraine’s ability to plant this year’s crop and export it in the wake of continued violence.
Corn sales decreased this past week to the lowest levels seen in 2014. Corn exports increased, while both soybean and wheat exports fell. Soybean sales increased following the reduction reported last week. Wheat sales increased for only the second time in two months.
Weekly U.S. net corn sales for the week ending April 10th in the 2013/2014 marketing year were 161,300 metrics tons (MT), a 83% decrease from the previous week and a 82% decrease from the prior 10-week average. Increases were reported from Japan, Colombia, Taiwan, Spain, Mexico, and the Dominican Republic. Decreases were reported from China, unknown destinations, Costa Rica, and Egypt. Exports were 1,415,100 MT, a 16% increase from the prior week and a 22% increase from the prior 10-week average. The primary destinations were Japan, Mexico, South Korea, Taiwan, Egypt, Vietnam, and Spain.
Weekly net soybean sales were 40,800 MT; after reporting a reduction last week soybean sales increased for the first time in a month. Increases were reported from Japan, Mexico, Vietnam, Barbados, and Taiwan. Decreases were reported from Israel, Cuba, and China. Exports were 132,400 MT, a 51% decrease from the prior week and an 83% decrease from the prior 10-week average. Primary destinations were Indonesia, Mexico, Indonesia, Egypt, Vietnam, Cuba, Taiwan, and Japan.
Weekly net wheat sales were 320,500 MT, a 49% increase from the previous week, but a 10% decrease from the prior 10-week average. Increases were reported from Brazil, Indonesia, Thailand, Mexico, Nigeria, and Italy. Decreases were reported from unknown destinations and the United Kingdom. Exports were 526,600 MT, a 22% decrease from the prior week and a 3% increase from the prior 10-week average. Primary destinations were Nigeria, Mexico, Japan, Guatemala, Indonesia, and Israel.
