Exports: Corn dives to 27-week low
According to the USDA’s latest U.S. Export Sales report, corn net sales reductions of 49,800 MT for the 2012-2013 marketing year were down noticeably from last week and the 4-week average. It also marks the lowest corn net sales in 27 weeks.
Increases reported for China (57,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), Jamaica (20,100 MT), Mexico (8,800 MT), Saudi Arabia (6,200 MT), and Honduras (5,400 MT), were more than offset by decreases for Colombia (72,500 MT), unknown destinations (64,600 MT), the Dominican Republic (11,200 MT), and Taiwan (5,100 MT).
Net sales of 206,400 MT for the 2013/2014 marketing year were for unknown destinations (136,200 MT), Mexico (60,000 MT), and China (10,200 MT). Exports of 367,200 MT were up 24 percent from the previous week and 27 percent from the prior 4-week average. The primary destinations were Mexico (88,700 MT), Japan (88,000 MT), Saudi Arabia (70,000 MT), China (54,500 MT), and Taiwan (34,100 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 63,000 MT, all South Korea. For MY 2013/2014, outstanding optional origin sales total 30,000 MT, all Mexico.
On Wednesday corn futures moved sharply lower in reaction to improving U.S. crop prospects and renewed concerns about export prospects. Traders were reluctant to sponsor fresh long positions ahead of Thursday’s Export Sales report and Friday’s World Agricultural Supply and Demand Estimates (WASDE) report. Futures bounced modestly on Thursday, reflecting firming soybean prices. May corn rose 0.5 cent to $6.89/bushel in overnight action, whereas December edged downward 0.25 cent to $5.44.
|REPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
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The report also found that soybean net sales of 392,000 MT for the 2012-2013 marketing year were down 43 percent from the previous week, but up 23 percent from the prior 4-week average.
Increases reported for the Netherlands (130,100 MT, including 128,000 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (114,900 MT), China (91,900 MT), Indonesia (37,300 MT), Vietnam (20,400 MT), and unknown destinations (17,100 MT), were partially offset by decreases for Panama (20,000 MT), Colombia (8,600 MT), Egypt (5,900 MT), and Canada (4,500 MT). Net sales of 990,600 MT for delivery in the 2013/2014 marketing year were primarily for China (934,000 MT) and unknown destinations (55,000 MT).
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