Corn exports plunge, set new yearly low
According to the USDA's latest U.S. Export Sales report, corn net sales reductions of 9,100 metric tons (MT) for the 2011/2012 marketing year resulted as increases for Japan (76,600 MT, including 56,200 MT switched from unknown destinations and decreases of 24,000 MT), Canada (11,100 MT), China (10,700 MT, including 16,000 MT switched from unknown destinations and decreases of 6,100 MT), El Salvador (7,800 MT, switched from Guatemala), and Mexico (5,900 MT), were more than offset by decreases for unknown destinations (72,200 MT), Costa Rica (37,000 MT), Taiwan (8,900 MT), and Guatemala (6,500 MT).
This week's exports set a new low for the year, dropping 41,006 MT from last week.
Net sales reductions of 131,300 MT for delivery in the 2012/2013 marketing year resulted as increases for Japan (128,100 MT) and Jamaica (10,000 MT), were more than offset by decreases for China (240,000 MT) and unknown destinations (34,600 MT). Exports of 513,300 MT were down 25 percent from the previous week and 21 percent from the prior 4-week average. The primary destinations were Japan (260,700 MT), China (77,600 MT), Mexico (74,700 MT), Taiwan (33,400 MT), and Guatemala (20,200 MT).
Optional Origin Sales: For MY 2012/2013, optional origin sales for Mexico (60,000 MT) were exercised to export from other than the United States. Outstanding optional origin sales total 390,000 MT, all Mexico.
Corn futures closed 3 to 9 cents on Wednesday. On Thursday futures traded steady to 2 cents lower early morning, seemingly revisiting early week lows around $7.80 per bushel.
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|SALES||10 WEEKS||27 WEEKS||THIS YEAR|
The report also showed that soybean net sales of 193,200 MT for the 2011/2012 marketing year were up 14 percent from last week and 27 percent from the prior 4-week average.
Increases reported for China (199,800 MT, including 94,000 MT switched from unknown destinations and decreases of 56,100 MT), Egypt (60,000 MT), Taiwan (42,800 MT), Germany (22,300 MT, including 21,500 MT switched from unknown destinations), and Thailand (8,500 MT), were partially offset by decreases for unknown destinations (115,500 MT) and Vietnam (42,900 MT).
Net sales of 517,300 MT for delivery in the 2012/2013 marketing year were primarily for unknown destinations (182,000 MT), the United Kingdom (112,000 MT), and China (111,300 MT). Exports of 475,600 MT were primarily to China (205,000 MT), Indonesia (76,400 MT), Thailand (68,400 MT), Mexico (62,600 MT), Germany (22,300 MT), and Turkey (17,600 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 55,000 MT, all China.
Soybean futures closed 45 to 47 cents higher on Wednesday.There is speculation that some analysts are predicting yield declines as low as 40 bushels per acre, causing global stocks to tighten even further. On Thursday futures traded 15 to 17 cents lower early morning after dropping during the overnight session on investor long liquidation and forecasts for rainy weather across the Midwest.
|EPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
|SALES||10 WEEKS||27 WEEKS||THIS YEAR|
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