Exports: Corn dives to 27-week low
Exports of 1,094,900 MT were up 33 percent from the previous week and 3 percent from the prior 4-week average. The primary destinations were China (666,600 MT), the Netherlands (130,100 MT), Mexico (101,000 MT), Egypt (54,100 MT), Taiwan (41,000 MT), Japan (37,500 MT), and South Korea (26,400 MT).
Optional Origin Sales: For MY 2013/2014, outstanding optional origin sales total 130,000 MT, all China.
On Wednesday soybean futures were mixed, with nearby contracts dipping while the deferred rose slightly. Weakness stemmed from a wet forecast for Argentina. Like corn, the Export Sales and WASDE reports made traders hesitant to buy aggressively. Futures rose moderately overnight into Thursday, likely caused by a 1.3 million ton reduction in Brazil’s soybean harvest forecast. May soybeans gained 3.75 cents to $14.6975/bushel early Thursday morning, while May soyoil edged 0.04 cents higher to 50.30 cents/pound, and May meal gained $1.4 to $436.7/ton.
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