The U.S. dollar strengthened due to the recent turmoil in China and Greece which caused volatility in global securities markets. The strong U.S. dollar hurt U.S. corn, soybeans and wheat on the global market as buyers searched elsewhere to procure cheaper goods. Exports in all three commodities declined from last week. Sales also struggled as both corn and wheat declined. Soybean sales increased week over week, but reported the second lowest sales total of the 2014-15 marketing year.
Weekly net corn sales for the 2014/15 marketing year were 535,200 metric tons (MT), a 10% decrease from last week and a 14% decrease from the prior 10-week average. Increases were reported from Japan, South Korea, Saudi Arabia, and China. Decreases were reported from unknown destinations, Mexico, Tunisia, the Dominica Republic, and Nicaragua. Exports were 966,200 MT, a 6% decrease from last week and a 9% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, Peru, Taiwan, Egypt, and Saudi Arabia.
Weekly net soybean sales for the 2014/15 marketing year were 41,400 MT, rebounding from the net decrease reported last week. Increases were reported from the Netherlands, Indonesia, Costa Rica, and Mexico. Decreases were reported from unknown destinations, Japan, Canada, Vietnam, China, and Peru. Exports were 202,200 MT, a 30% decrease from last week and a 22% decrease from the prior 10-week average. Primary destinations were the Netherlands, Japan, Mexico, and Costa Rica.
Weekly net wheat sales for the 2015/16 marketing year were 345,900 MT, a 5% decrease from last week. Increases were reported from Indonesia, Mexico, Sri Lanka, and Thailand. Decreases were reported from Panama, Nigeria, and unknown destinations. Exports were 268,800 MT, a 26% crease from last week. Primary destinations were Mexico, Guatemala, Brazil, Japan, and Nigeria.
Source: USDA Foreign Agricultural Service
Source: USDA Foreign Agricultural Service
The data for the report was taken from the July 9, 2015 USDA Export Sales report for the week ending July 2, 2015. The information reported is an aggregate of sales and exports data reported to the USDA Foreign Agriculture Service.