U.S. soybean exports increased, eclipsing its 10-week average for only the third time since the end of February. Corn and wheat exports both saw nominal decreases. Soybean sales reported a reduction for the second consecutive week, an event that hasn't occurred since April, 2013. Corn sales also reported a reduction for the second time in three weeks. Wheat sales increased after three weeks of decline.
Reports coming out of China are claiming a bumper wheat crop is expected. Earlier in the year, reports had been citing extreme drought in many crop growing regions in China; expectations for Chinese crops were well below average. China has purchased less grain in recent weeks suggesting that drought claims may have been exaggerated.
Weekly U.S. net corn sales for the week ending August 14th in the 2013/2014 marketing year were a reduction for 32,700 metrics tons (MT). Increases were reported from Japan, Colombia, Canada, Mexico and Jamaica. Decreases were reported from unknown destinations, South Korea, Taiwan, Costa Rica, El Salvador and the Dominican Republic. Exports were 1,002,700 MT, a 12% decrease from the prior week, but a 1% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, South Korea, Colombia, Peru, the Philippines and Canada.
Weekly net soybean sales in the 2013/2014 marketing year were a reduction of 62,800 MT, the second consecutive sales reduction for soybeans. Increases were reported from Japan, Mexico and Vietnam, Decreases were reported from China, Taiwan and unknown destinations. Exports were 202,100 MT, a 116% increase from the prior week and a 73% increase from the prior 10-week average. Primary destinations were Mexico, Indonesia, Japan and Taiwan.
Weekly net wheat sales for the week ending August 14th in the 2014/2015 marketing year were 403,600 MT, a 93% increase from the previous week, but a 7% decrease from the prior 10-week average. Increases were reported from the Brazil, Nigeria, Japan, Colombia, the Philippines and Honduras. Decreases were reported from Panama. Exports were 466,700 MT, a 12% decrease from the prior week and a less than 1% decrease from the prior 10-week average. Primary destinations were the Philippines, Mexico, Taiwan, Colombia, Nigeria and Brazil.