Exports: Corn continues to rebound, soybeans dip again

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 361,800 MT for the 2012/2013 marketing year were up 61 percent from last week and up noticeably from the  4-week average. 

Increases were reported for unknown destinations (104,800 MT), Mexico (67,800 MT), Japan (55,200 MT), China (54,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), and Guatemala (30,200 MT).  Net sales of 20,100 MT for the 2013/2014 marketing year were for China (20,300 MT). 

Decreases were reported for Japan (200 MT).  Exports of 256,800 MT were down 35 percent from the previous week and from the prior 4-week average.  The primary destinations were Mexico (99,500 MT), Japan (58,800 MT), China (54,500 MT), Cuba (27,400 MT), and Taiwan (11,100 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 117,900 MT, all South Korea.  For MY 2013/2014, outstanding optional origin sales total 30,000 MT, all Mexico.

On Thursday corn futures fell sharply despite persistent soybean firmness. Futures followed soybeans higher on Friday morning as short-term prospects seem balanced between the bullish impact of persistent Argentine dryness and poor export demand for U.S. corn. March corn rose 1.25 cents to $6.92/bushel Thursday night, while December was unchanged at $5.54.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 361,826 225,449 136,377
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 175,529 242,561 212,495
High 393,341 1,881,967 393,341
Low 12,622 368 12,622
 
 
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The report also showed that soybean net sales reductions of 119,500 MT for 2012/2013--a marketing-year low-- resulted as increases for Germany (152,300 MT, including 140,000 MT switched from unknown destinations), China (114,300 MT, including 108,000 MT switched from unknown destinations and decreases of 75,800 MT), Japan (64,200 MT, including 54,000 MT switched from unknown destinations), the Netherlands (30,000 MT), Mexico (25,200 MT), and Indonesia (6,800 MT), were more than offset by decreases for unknown destinations (521,700 MT). 

Net sales of 62,000 MT for delivery in the 2013/2014 marketing year were for China.  Exports of 956,100 MT were down 4 percent from the previous week and 20 percent from the prior 4-week average.  The primary destinations were China (535,600 MT), Germany (152,300 MT), Mexico (74,900 MT), Japan (62,500 MT), and Bangladesh (54,500 MT).

Optional Origin Sales:   For MY 2013/2014, optional origin sales totaling 4,000 MT were reported for China.  Outstanding optional origin sales total 130,000 MT, all China.

On Thursday soybean futures management a modest rise but deferred contracts and oil declined. Talk of firm cash prices across the Midwest reportedly supported the March and May contracts. The soybean market continued to surge early Friday morning on news from China. March beans surged 16.0 cents to $15.0375 early Friday morning, while March soyoil gained 0.07 cents to 51.38 cents/pound, and March meal jumped $6.0 to $443.3/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -119,526 -109,163 -10,363
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 500,965 657,936 481,049
High 1,608,774 2,645,023 1,608,774
Low -119,526 -119,526 -119,526
 
 
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