Exports: Corn sales continue slow decline

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According to the USDA's weekly U.S. Export Sales report, corn net sales of 108,400 metric tons (MT) for the 2011-2012 marketing year were down 12 percent from last week and 7 percent from the 4-week average.  

Increases reported for Japan (120,100 MT, including 41,400 MT switched from unknown destinations and decreases of 8,300 MT), China (49,600 MT, including 60,000 MT switched from unknown destinations and decreases of 11,400 MT), Venezuela (35,500 MT), Taiwan (32,500 MT), Mexico (19,800 MT), and Costa Rica (13,500 MT, including 8,500 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (171,400 MT).  

Net sales of 217,000 MT for delivery in the 2012/2013 marketing year were primarily for Mexico (131,200 MT), unknown destinations (85,300 MT), and Japan (50,600 MT).  Decreases were reported for South Korea (56,000 MT).  Exports of 601,300 MT were down 5 percent from the previous week, but up 9 percent from the prior 4-week average.  The primary destinations were Japan (260,900 MT), China (108,600 MT), Mexico (93,400 MT), South Korea (58,000 MT), Venezuela (25,500 MT), and Colombia (22,800 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 300,000 MT, all Mexico.

Corn futures closed lower on Wednesday. On Thursday futures traded slightly lower. Morning trade has been relatively quiet with futures trading 1 to 2 cents below unchanged.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 108,440 122,782 -14,342
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 129,271 399,848 455,986
High 192,886 1,331,862 1,331,862
Low 19,274 19,274 -9,113
 
 
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The report also showed that soybean net sales of 132,900 MT for the 2011-2012 marketing year resulted as increases for China (242,400 MT, including 170,000 MT switched from unknown destinations), the Netherlands (73,300 MT, including 70,000 MT switched from unknown destinations), Mexico (17,100 MT), Taiwan (17,000 MT), and Costa Rica (11,200 MT, including 13,000 MT switched from unknown destinations and decreases of 2,000 MT), were partially offset by decreases for unknown destinations (260,000 MT).  

Net sales of 585,800 MT for delivery in the 2012/2013 marketing year were primarily for China (333,000 MT), unknown destinations (103,000 MT), and Taiwan (61,000 MT).  Exports of 597,300 MT were up 27 percent from the previous week and 36 percent from the prior 4-week average.  The primary destinations were China (302,400 MT), Mexico (96,200 MT), the Netherlands (73,300 MT), Japan (43,000 MT), Egypt (24,100 MT), and Costa Rica (13,200 MT).

Optional Origin Sales:   For MY 2012/2013, optional origin sales for China (55,000 MT), were exercised to export from the United States.

Soybean futures closed lower on Wednesday. On Thursday futures traded 4 to 5 cent higher early morning as November soybeans hit another record high during the overnight session of $17.44 ¾ before pulling back to trade around $17.30.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 132,915 97,209 35,706
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 205,636 435,285 454,309
High 403,907 1,159,407 1,159,407
Low 97,209 97,209 97,209
 
 
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