Exports: Corn jump back, soybeans still dropping

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According to the USDA's latest U.S. Export Sales report, corn net sales of 251,800 MT were up 33 percent from last week and 11 percent from the 4-week average.  

Increases reported for Japan (141,600 MT, including 130,800 MT switched from unknown destinations and decreases of 50,300 MT), Mexico (71,100 MT), Venezuela (54,300 MT), China (18,600 MT), and Honduras (13,300 MT), were partially offset by decreases for unknown destinations (54,600 MT) and the Dominican Republic (6,000 MT).  Net sales of 147,200 MT for the 2012/2013 marketing year were reported primarily for Mexico (109,800 MT), Saudi Arabia (30,000 MT), and Colombia (20,000 MT).  

Decreases were reported for China (15,000 MT).  Exports of 732,900 MT were down 10 percent from the previous week, but up 2 percent from the prior 4-week average.  The primary destinations were China (211,100 MT), Japan (205,100 MT), Mexico (190,200 MT), South Korea (68,300 MT), Venezuela (14,300 MT), and El Salvador (14,000 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 570,000 MT, all Mexico.   

Corn futures settled 10 to 17 cents higher on Wednesday. Thursday morning futures traded steady at 4 to 6 cents higher following Tuesday's impressive rally.

  Sales 251,822 188,717 63,105
Average 533,485 604,644 626,908
High 1,331,862 1,331,862 1,331,862
Low 156,122 130,718 130,718

The report also showed soybean net sales at 220,200 MT, down 9 percent from last week and 59 percent from the 4-week average.  

Increases were primarily for Indonesia (84,000 MT, including 68,000 MT switched from unknown destinations), China (60,100 MT, including 60,000 MT switched from unknown destinations and decreases of 3,000 MT), the Netherlands (52,400 MT, including 55,000 MT switched from unknown destinations and decreases of 2,600 MT), Japan (32,700 MT, including 18,000 MT switched from unknown destinations and decreases of 6,000 MT), Mexico (32,500 MT), and Taiwan (28,700 MT).  Decreases were reported for unknown destinations (89,500 MT) and Turkey (10,800 MT).  Net sales of 275,000 MT for delivery in the 2012/2013 marketing year were primarily for China (178,500 MT) and unknown destinations (82,500 MT).  

Exports of 439,800 MT were reported primarily to Indonesia (97,000 MT), Mexico (92,500 MT), China (68,100 MT), the Netherlands (52,400 MT), Egypt (47,800 MT), and Japan (38,300 MT). 

Soybean futures settled 18 to 34 cents higher on Wednesday as concerns about the EU debt crisis eased. On Thursday futures traded 19 to 22 cents higher, extending their rally into overnight trading.

  Sales 220,248 240,699 -20,451
Average 510,933 568,414 568,672
High 926,225 1,159,407 1,159,407
Low 220,248 220,248 220,248

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