Exports: Corn dips a tad, soybeans soar
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.
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