Exports: Corn dips a tad, soybeans soar

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 168,900 MT for the 2012-2013 marketing year were down 10 percent from last week and 8 percent from the 4-week average. 

Increases reported for China (109,000 MT, including 120,000 MT switched from unknown destinations and decreases of 11,000 MT), Japan (99,500 MT, including 19,500 MT switched from unknown destinations), Venezuela (92,000 MT, including 15,000 MT switched from unknown destinations), Cuba (25,000 MT), and Jamaica (19,700 MT), were partially offset by decreases for unknown destinations (129,100 MT) and South Korea (62,900 MT).  Net sales reductions of 8,500 MT for the 2013/2014 marketing year resulted as increases for Mexico (22,000 MT) were more than offset by decreases for Japan (30,500 MT). 

Exports of 208,700 MT were down 66 percent from the previous week and 37 percent from the prior 4-week average.  The primary destinations were China (109,000 MT, including late reporting of 54,500 MT), Mexico (51,600 MT), Japan (19,500 MT), Venezuela (15,000 MT), and Taiwan (9,000 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 Wednesday an oversold market helped corn futures bounce from early morning lows. On Thursday corn futures were mixed, though there was some fresh news including the exclusion of U.S. corn from a major South Korean purchase. March corn edged 0.75 cent higher, to $6.9625/bushel in early morning action, while December inched upward by 0.75 cent to $5.65.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 168,918 186,849 -17,931
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 147,852 230,970 180,038
High 393,341 1,881,967 393,341
Low 12,622 368 12,622
 
 
Chart

The report also showed that soybean net sales of 896,200 MT for the 2012-2013 marketing year were up noticeably from the previous week and up 40 percent from the prior 4-week average.  Increases reported for China (696,600 MT, including 115,000 MT switched from unknown destinations and decreases of 3,500 MT), Spain (142,300 MT, including 130,000 MT switched from unknown destinations), the Netherlands (135,800 MT, including 140,000 MT switched from unknown destinations and decreases of 11,200 MT), Germany (76,000 MT), Indonesia (75,600 MT, including 68,000 MT switched from unknown destinations), Hong Kong (60,000 MT), and Taiwan (50,100 MT), were partially offset by decreases for unknown destinations (422,500 MT), Vietnam (28,000 MT), Israel (12,500 MT), and  Switzerland (8,000 MT). 

Net sales of 771,000 MT for delivery in the 2013/2014 marketing year were for China (691,000 MT), unknown destinations (55,000 MT), and Italy (25,000 MT).  Exports of 1,554,700 MT were up 37 percent from the previous week and 32 percent from the prior 4-week average.  The primary destinations were China (828,300 MT), Spain (142,300 MT), the Netherlands (135,800 MT), Indonesia (81,200 MT), and Germany (76,000 MT).  NOTE:  Accumulated exports were adjusted down for the Netherlands (76,000 MT).

Optional Origin Sales:   For MY 2013/2014, options were exercised to export 120,000 MT to China from the United States.  Outstanding optional origin sales total 126,000 MT, all China.

On Wednesday soybean futures staged a modest comeback after falling on Tuesday night.  There was little news coming for the soybean complex on Thursday morning before the Export Sales report was released, which is likely to spark a significant move in the soybean complex. March beans dipped 1.75 cents to $14.2125 cents/pound in pre-dawn trading, while March soyoil fell 0.15 cents to 51.50 cents/pound, and March meal rose $0.2 to $408.1/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 896,166 386,011 510,155
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 719,949 649,210 719,206
High 1,608,774 2,645,023 1,608,774
Low 86,976 5,146 321,803
 
 
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