Corn, soybean net sales continue downward spiral
Angela Bowman, Staff Writer |
July 19, 2012
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According to the USDA's U.S. Export report released on Thursday morning, corn net sales of 31,900 metric tons (MT) for the 2011/2012 marketing year were down 82 percent from last week and 77 percent from the 4-week average.
Increases for Japan (140,800 MT, including 70,800 MT switched from unknown destinations and decreases of 50,200 MT), Venezuela (36,600 MT), China (24,900 MT), and Canada (8,900 MT), were more than offset by decreases for Taiwan (84,100 MT), unknown destinations (72,400 MT), and Panama (14,100 MT). Net sales of 148,800 MT for delivery in the 2012/2013 marketing year were primarily for Japan (148,800 MT), Canada (13,100 MT), and Mexico (11,000 MT).
Decreases were reported for Guatemala (12,000 MT), El Salvador (9,000 MT), and Costa Rica (6,000 MT). Exports of 682,200 MT were up 13 percent from the previous week and 4 percent from the prior 4-week average. The primary destinations were Japan (358,900 MT), China (124,900 MT), Mexico (101,000 MT), South Korea (74,100 MT), and Taiwan (11,900 MT).
Optional Origin Sales: For MY 2012/2013, optional origin sales for Mexico (120,000 MT) were exercised to export from other than the United States. Outstanding optional origin sales total 450,000 MT, all Mexico.
Corn futures closed 12 to 15 cents higher on Wednesday. The market experienced a day of choppy trade before rebounding to close at record high levels. On Thursday corn traded 9 to 12 cents higher early morning. The September corn contract has reached an all time high of $8 per bushel during the overnight session with the December contract not far behind.
| REPORT |
THIS WEEK |
LAST WEEK |
DIFFERENCE |
| Sales |
31,893 |
172,722 |
-140,829 |
| SALES |
10 WEEKS |
27 WEEKS |
THIS YEAR |
| Average |
161,640 |
524,105 |
516,868 |
| High |
339,423 |
1,331,862 |
1,331,862 |
| Low |
19,274 |
19,274 |
19,274 |
| |
| |
 |
The report also showed that soybean net sales of 135,300 MT for the 2011/2012 marketing year resulted as increases for China (174,400 MT, including 55,000 MT switched from unknown destinations and decreases of 7,100 MT), the Netherlands (18,700 MT, including 20,000 MT switched from unknown destinations and decreases of 1,300 MT), Taiwan (11,400 MT), Malaysia (10,000 MT), and Colombia (7,000 MT), were partially offset by decreases for unknown destinations (95,000 MT) and Japan (12,400 MT).
This week marked a new 27-week low for soybean net sales.
Net sales of 272,300 MT for delivery in the 2012/2013 marketing year were primarily for unknown destinations (169,700 MT), Costa Rica (56,000 MT), and Mexico (28,600 MT). Exports of 418,000 MT were primarily to China (182,800 MT), Japan (70,100 MT), Mexico (52,400 MT), Taiwan (22,500 MT), Egypt (19,700 MT), and the Netherlands (18,700 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 55,000 MT, all China.
Soybean futures closed 25 to 42 cents higher on Wednesday. The market closed strong, supported by extreme weather worries and record gains in the soymeal market. On Thursday Soybean futures traded 28 to 35 cents higher early morning. The August soybean contract reached an all time high of $17 per bushel during the overnight session.
| REPORT |
THIS WEEK |
LAST WEEK |
DIFFERENCE |
| Sales |
135,318 |
332,097 |
-196,779 |
| SALES |
10 WEEKS |
27 WEEKS |
THIS YEAR |
| Average |
363,620 |
512,437 |
509,631 |
| High |
800,126 |
1,159,407 |
1,159,407 |
| Low |
135,318 |
135,318 |
135,318 |
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