Strong Dollar Hinders Corn And Soybean Sales

Corn sales reported a net reduction of 131,700 metric tons (MT) this week, the largest reduction in corn sales since August 2011. Soybean sales reported a reduction of 131,600 MT, the third largest reduction this year. Depressed crop prices and a strong U.S. Dollar incentivized buyers of 2014/15 corn to cancel their purchases. Wheat sales increased nearly 70% after declining for the past two weeks. Corn, soybean, and wheat exports all reported double digit decreases this week.

 

Weekly net corn sales for the 2014/15 marketing year were a reduction of 131,700 MT, the second reduction reported in the past four weeks. Increases were reported from Japan, Mexico, and Panama. Decreases were reported from unknown destinations, Colombia, Canada, Venezuela, Costa Rica, and the Leeward and Windward Islands. Exports were 820,600 MT, an 11% decrease from last week and a 20% decrease from the prior 10-week average. The primary destinations were Japan, Mexico, Venezuela, Colombia, and South Korea.

Weekly net soybean sales for the 2014/15 marketing year were a reduction of 131,600 MT, the second net reduction in the past four weeks, and the fourth reduction reported this year. Increases were reported from the Netherlands and Indonesia. Decreases were reported from China, unknown destinations, Canada, Bangladesh, Colombia, and Mexico. Exports were 231,400 MT, a 42% decrease from last week and a 3% decrease from the prior 10-week average. Primary destinations were the Netherlands, Bangladesh, Indonesia, and Japan.