Exports: Corn net sales hit a marketing-year low

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According to the USDA's latest U.S. Export report, corn net sales of 92,100 metric tons (MT) --a marketing-year low--were down 63 percent from last week and 61 percent from the 4-week average.  

Increases reported for China (64,700 MT, including 55,900 MT switched from Japan), Taiwan (32,200 MT), Colombia (18,600 MT), Guatemala (11,200 MT, switched from unknown destinations), and Nicaragua (10,600 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (43,100 MT) and Japan (20,400 MT).  

Net sales of 77,700 MT for the 2012/2013 marketing year were reported primarily for Mexico (30,000 MT) and Japan (30,000 MT).  Exports of 432,900 MT were down 41 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were Mexico (198,900 MT), Japan (111,400 MT), China (71,100 MT), Guatemala (11,200 MT), Nicaragua (10,600 MT), and Colombia (9,300 MT).

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

Corn futures settled mixed on Wednesday as forecasts for rain across the U.S. Corn Belt weighed on the market. On Thursday futures traded 6 to 7 cents higher.

  Sales 92,109 251,822 -159,713
Average 448,941 582,297 603,656
High 1,331,862 1,331,862 1,331,862
Low 92,109 92,109 92,109

The report also showed that soybean net sales of 425,100 MT were up 93 percent from last week, but down 9 percent from the 4-week average.
Increases were primarily for China (261,500 MT, including 120,000 MT switched from unknown destinations and decreases of 60,000 MT), Egypt (120,000 MT), Turkey (77,000 MT, including 69,000 MT switched from unknown destinations), Mexico (48,500 MT), Vietnam (46,700 MT), and Taiwan (23,500 MT).  Decreases were reported for unknown destinations (206,000 MT).  

Net sales of 580,000 MT for delivery in the 2012/2013 marketing year were primarily for China (470,000 MT), unknown destinations (55,000 MT), and South Korea (50,000 MT).  Exports of 375,900 MT were reported primarily to China (195,900 MT), Turkey (77,000 MT), Japan (30,500 MT), Mexico (28,200 MT), Taiwan (13,100 MT), and Indonesia (12,100 MT).  

Soybean futures settled 17 to 28 cents lower on Wednesday despite a price friendly USDA Supply/Demand report. On Thursday futures traded 3 to 5 cents lower.

  Sales 425,056 220,248 204,808
Average 512,745 555,623 562,428
High 926,225 1,159,407 1,159,407
Low 220,248 220,248 220,248

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