Exports: Corn climbs as soybeans dip
According to the USDA’s latest U.S. Export Sales report, corn net sales of 295,100 MT for the 2012-2013 marketing year were up noticeably from last week and up 88 percent from the 4-week average.
Increases reported for Japan (133,700 MT, including 28,600 MT switched from unknown destinations), China (114,200 MT, including 120,000 MT switched from unknown destinations and decreases of 6,300 MT), Venezuela (90,000 MT), Cuba (25,000 MT), and Taiwan (16,500 MT), were partially offset by decreases for Colombia (48,200 MT), unknown destinations (37,500 MT), and Brazil (27,500 MT).
Net sales of 18,900 MT for the 2013-2014 marketing year were for Colombia (12,000 MT) and Trinidad (7,000 MT). Decreases were reported for Japan (100 MT). Exports of 384,800 MT were down 8 percent from the previous week, but up 3 percent from the prior 4-week average.
The primary destinations were Japan (135,900 MT), China (118,700 MT), Mexico (64,100 MT), Taiwan (21,100 MT), and Costa Rica (11,900 MT).
On Wednesday corn futures jumped to a seven-week high after the ethanol stockpile plunged it its lowest level since December 2011. The gains in corn, and other grain futures, were front-loaded in nearby contracts at the CBOT in “bull spreading” on expectations of the USDA confirming razor-thin quarterly stockpiles in the world’s largest producer of the commodities in the Prospective Plantings and Grains Stocks reports due out later today. Corn futures were quiet ahead of today’s USDA reports, however traders may not react significantly unless they are quite surprised by the Export Sales report.
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The report also showed that soybean net sales of 66,400 MT for the 2012-2013 marketing year were down 39 percent from last week and 84 percent from the 4-week average.
Increases reported for Indonesia (85,100 MT, including 68,000 MT switched from unknown destinations), Mexico (69,900 MT), South Korea (25,300 MT, including 25,000 MT switched from unknown destinations), Turkey (21,700 MT, including 20,000 MT switched from unknown destinations), and Japan (15,500 MT, including 9,000 MT switched from unknown destination and decreases of 8,700 MT), were partially offset by decreases for unknown destinations (177,000 MT).
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