Corn, soybean sales show improvement from last week

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According to the USDA's U.S. Export Sales report, corn net sales of 172,700 metric tons (MT) for the 2011/2012 marketing year were up significantly from last week and 45 percent from the pior 4-week average.  

Increases for Japan (280,100 MT, including 137,100 MT switched from unknown destinations and decreases of 6,300 MT), Venezuela (37,000 MT), Cuba (24,000 MT, including 25,000 MT switched from unknown destinations and decreases of 1,000 MT), Mexico (20,000 MT), and Canada (5,500 MT), were partially offset by decreases for unknown destinations (111,300 MT) and Taiwan (87,000 MT).  

Net sales of 492,100 MT for delivery in the 2012/2013 marketing year were primarily for Mexico (252,400 MT), South Korea (66,000 MT), Costa Rica (51,000 MT), and unknown destinations (50,800 MT).  Decreases were reported for Jamaica (8,900 MT).  

Exports of 605,300 MT were down 6 percent from the previous week and 1 percent from the prior 4-week average.  The primary destinations were Japan (288,600 MT), Mexico (136,500 MT), South Korea (130,100 MT), Cuba (24,000 MT), China (7,500 MT), and Taiwan (7,100 MT).

Corn futures are trading 8 to 12 cents higher early Thursday morning. Corn prices are higher this morning after the market readjusted to USDA’s corn yield reduction. USDA lowered its corn yield average to 146 bushels/acre, 20 bushels lower than the previous month’s estimate. A reduction of this magnitude lowers estimated corn production to approximately 13 million bushels. Weather also remains a supportive factor, although forecasters are calling for weekend rains across the Midwest.

  Sales 172,722 19,274 153,448
Average 180,875 534,830 534,830
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 332,100 MT for the 2011/2012 marketing year were up 11 percent from the previous week and 5 percent from the prior 4-week average.  Increases were primarily for China (305,100 MT, including 115,000 MT switched from unknown destinations and decreases of 5,000 MT), Turkey (67,300 MT, including 66,500 MT switched from unknown destinations), Indonesia (30,200 MT), Costa Rica (28,000 MT), Japan (27,900 MT), and Mexico (10,600 MT).  

Decreases were reported for unknown destinations (161,500 MT).  Net sales of 427,100 MT for delivery in the 2012/2013 marketing year were primarily for China (231,500 MT), unknown destinations (119,000 MT), and the Netherlands (60,000 MT).  Exports of 433,200 MT were primarily to China (290,100 MT), Turkey (67,300 MT), Mexico (34,400 MT), Indonesia (13,700 MT), Taiwan (8,200 MT), and Vietnam (6,800 MT).

Soybean futures are trading 4 to 6 cents higher early morning. Soybean futures remain under pressure for the third day after posting record gains on Monday. Although yesterday’s supply/demand report was bullish for the market, prices plummeted as traders took profits and weather forecasts across the Midwest improved. USDA slashed soybean yield projections to 40.5 bushels/acre due to drought conditions. However, bullish fundamentals and strong demand for soy products should renew buying interest in the market.

  Sales 332,097 298,685 33,412
Average 396,736 523,494 523,494
High 800,126 1,159,407 1,159,407
Low 163,807 163,807 163,807

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