U.S. soybean exports increased for the fifth consecutive week, the longest streak in almost two years. Corn exports increased, but the four and 10-week averages have been declining, suggesting that exports have not been keeping the torrent pace seen at the end of the 2013/14 marketing year. Wheat sales increased moderately this week. Corn and soybean sales increased moderately, but both have increased four out of the last five weeks.
Harvest has moved slowly, but reports from farmers are beginning to sound more positive about their progress. As more grain is taken off fields the delays being reported by both the rails and river barges are expected to worsen. If transportation delays continue, grain in the Midwest will have difficulties getting to the coasts, impacting exports.
Weekly U.S. net corn sales for the week ending October 2nd in the 2014/2015 marketing year were 784,800 MT, a 23% increase from last week and a 167% increase from the prior 10-week average. Increases were reported from unknown destinations, Japan, Peru, Colombia, South Korea, and Mexico. Decreases were reported from Israel, Costa Rica, Canada and the Leeward and Windward Islands. Exports were 978,100 MT, a 58% increase from last week and a 10% increase from the prior 10-week average. The primary destinations were Mexico, Japan, Colombia, Peru, South Korea, and Egypt.
Weekly net soybean sales were 923,400 MT, a 6% increase from last week and a 54% increase from the prior 10-week average. Increases were reported from China, Thailand, Indonesia, and Turkey. Decreases were reported from Costa Rica and Singapore. Exports were 972,500 MT, a 30% increase from last week and a 367% increase from the prior 10-week average. Primary destinations were China, Mexico, Germany, Portugal, and Saudi Arabia.