Corn, soybean export sales plunge

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According to the USDA's latest U.S. Export Sales report, corn net sales of 69,900 metric tons (MT) for the 2012-2013 marketing year resulted as increases for Japan (178,700 MT, including 158,200 MT switched from unknown destinations and decreases of 27,700 MT), Mexico (55,600 MT, including 30,500 MT switched from unknown destinations and decreases of 15,900 MT), Colombia (30,000 MT), and China (25,400 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (226,300 MT)Costa Rica (23,000 MT), and Nicaragua (9,800 MT).  

Exports of 740,000 MT were primarily to Japan (266,400 MT), China (220,600 MT), Mexico (137,100 MT), Venezuela (57,500 MT), and Panama (23,100 MT).    

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

On Wednesday December corn prices rose 2.2 percent after having closed down 1 percent on Thursday. Futures were trading 4 cents lower on Thursday morning.

  Sales 69,878 1,881,967 -1,812,089
Average 345,871 391,552 455,716
High 1,881,967 1,881,967 1,881,967
Low 31,893 19,274 -104,157

The report also showed that soybean net sales of 712,200 MT for the 2012/2013 marketing year were reported for China (237,200 MT), unknown destinations (134,400 MT), the Netherlands (65,300 MT, including 70,000 MT switched from unknown destinations and decreases of 4,700 MT), Egypt (60,000 MT), and Japan (45,800 MT, including 28,100 MT switched from unknown destinations and decreases of 1,400 MT).  

Net sales of 5,500 MT for delivery in 2013/2014 were reported for Japan.  Exports of 272,600 MT were reported to China (119,200 MT), the Netherlands (65,300 MT), Japan (30,700 MT), Mexico (27,700 MT), and Taiwan (15,300 MT).

Soybean futures climed by nearly 2 percent on Wednesday after their biggest two-day selloff in seven weeks. On Thursday futures were trading 12 to 13 cents lower.

  Sales 712,232 2,645,023 -1,932,791
Average 467,797 452,755 495,798
High 2,645,023 2,645,023 2,645,023
Low 5,146 5,146 -10,087

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