Corn sales hit marketing-year low, soybeans also drop

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According to USDA's latest U.S. Export Sales report, corn net sales of 19,300 metric tons (MT) for the 2011/2012 marketing year, a marketing-year low, were down 90 percent from last week and 89 percent from the four-week average.  

Increases were reported for Japan (136,500 MT, including 90,700 MT switched from unknown destinations and decreases of 3,700 MT), China (124,100 MT, including 60,000 MT switched from unknown destinations), Venezuela (22,500 MT), Colombia (13,800 MT), and Costa Rica (13,200 MT, switched from unknown destinations).  

Decreases were reported for unknown destinations (158,400 MT), Taiwan (96,500 MT), and South Korea (55,000 MT).  Net sales of 134,200 MT for delivery in the 2012/2013 marketing year were primarily for unknown destinations (50,800 MT), Mexico (31,900 MT), and Panama (31,500 MT).  Exports of 645,100 MT were down 3 percent from the previous week, but up 1 percent from the prior 4-week average.  The primary destinations were China (195,400 MT), Japan (154,600 MT), Mexico (96,600 MT), South Korea (64,100 MT), Venezuela (40,000 MT), and Costa Rica (24,600 MT).

Optional Origin Sales:   For Marketing Year 2012/2013, outstanding optional origin sales total 570,000 MT, all Mexico.   

Corn futures surged 5 percent on Thursday to its highest price in over a year. On Friday corn futures traded 9 to 11 cents lower early morning after tanking during the overnight session.

  Sales 19,274 192,886 -173,612
Average 296,789 539,524 548,757
High 1,331,862 1,331,862 1,331,862
Low 19,274 19,274 19,274

The report also showed that soybean net sales of 298,700 MT for the 2011/2012 marketing year were down 26 percent from last week, but up slightly from the 4-week average.  

Increases were primarily for China (313,700 MT, including 60,000 MT, switched from unknown destinations), Egypt (55,500 MT), Mexico (25,800 MT, including decreases of 6,200 MT), Taiwan (13,500 MT), Vietnam (7,500 MT), and Colombia (2,600 MT).  Decreases were reported for unknown destinations (60,000 MT), Japan (55,700 MT), and Indonesia (5,200 MT).  Net sales of 1,464,700 MT for delivery in the 2012/2013 marketing year were primarily for unknown destinations (1,300,000 MT) and China (164,000 MT).  

Exports of 397,300 MT were primarily to China (136,800 MT), Mexico (103,700 MT), Egypt (76,500 MT), Indonesia (22,000 MT), Taiwan (16,500 MT), and Vietnam (10,100 MT).

Soybean futures jumped within sight of their record high set in 2008. On Friday soybean futures traded 8 to 12 cents lower in early morning trading.

  Sales 298,685 403,907 -105,222
Average 423,322 521,612 530,856
High 800,126 1,159,407 1,159,407
Low 163,807 163,807 163,807

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