Exports: Corn keeps climbing for third week
The days of net sale reductions are behind corn exports for now. In the latest “U.S. Export Sales” report, the USDA shows corn climbing for its third consecutive week to 640,100 metric tons (MT) for 2013/2014, up 46 percent from last week.
These sales were reported for Mexico (390,600 MT), China (130,500 MT, including 55,000 MT switched from unknown destinations), Guatemala (31,200 MT, including 17,700 MT switched from unknown destinations), Japan (17,600 MT, including 12,800 MT switched from unknown destination and decreases of 7,100 MT), and Honduras (13,300 MT).
Exports of 479,100 MT were primarily to Mexico (189,600 MT), China (118,600 MT), Japan (63,600 MT), Venezuela (36,500 MT), and Guatemala (17,700 MT).
On Wednesday, surging wheat prices boosted corn futures, and the ongoing progress in the current harvest is boosting country corn supplies. Sliding soybean prices undercut corn Thursday morning. December corn sank 3.0 cents to $4.5175/bushel around dawn Thursday, and May dipped 3.25 cents to $4.7225.
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The USDA also showed that soybean net sales of 2,816,800 MT for 2013/2014 were reported for China (2,293,100 MT, including 60,000 MT switched from unknown destinations and decreases of 15,300 MT) unknown destinations (214,500 MT), Indonesia (104,200 MT, including 72,500 MT switched from unknown destination and decreases of 5,000 MT), and Egypt (60,000 MT).
Exports of 442,500 MT were primarily to China (295,100 MT), Indonesia (83,500 MT), Japan (29,200 MT), and Mexico (24,900 MT).
News of a sizeable export sale supported the soy complex on Wednesday, and strength from the wheat marked and bargain hunting in the bean pit powered prices moderately higher. Chinese sales depressed the soy complex in early trade on Thursday as Chinese officials reportedly sold a substantial amount of soybeans from state reserves early in the morning. This suggests diminished short-term import demand.
November soybeans fell 8.25 cents to $13.135/bushel in early Thursday action, while October soyoil slipped 0.17 cents to 41.65 cents/pound, and October soymeal sagged $2.9 to $415.7/ton.