Exports: Corn rebounds after diving last week
According to the USDA’s latest U.S. Export Sales report, corn net sales of 282,300 MT for the 2012-2013 marketing year were up 34 percent from the 4-week average. Last week's report marked the lowest corn net sales in 27 weeks, but this week sales jumped by 332,095 MT.
Increases reported for Japan (114,400 MT, including 123,500 MT switched from unknown destinations and decreases of 9,100 MT), China (111,000 MT, including 120,000 MT switched from unknown destinations and decreases of 11,000 MT), Mexico (52,500 MT), Jamaica (17,200 MT), and Taiwan (15,700 MT), were partially offset by decreases for unknown destinations (21,500 MT), Colombia (8,100 MT), Guatemala (7,100 MT), the French West Indies (4,400 MT), and El Salvador (3,700 MT). Net sales of 371,000 MT for the 2013/2014 marketing year were for China (191,000 MT) and unknown destinations (180,000 MT). Exports of 408,200 MT were up 11 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were Japan (143,200 MT), China (109,000 MT), Mexico (76,800 MT), Cuba (25,500 MT), and Guatemala (20,600 MT).
Optional Origin Sales: For MY 2012/2013, optional origin sales totaling 72,000 MT were reported for South Korea. Outstanding optional origin sales total 135,000 MT, all South Korea. For MY 2013/2014, outstanding optional origin sales total 30,000 MT, all Mexico.
On Wednesday corn futures dropped in response to persistent U.S. dollar strength but moved very little overnight, possibly due to trader uncertainty about the result of the USDA Export Sales report. May corn slipped 0.75 cents to $709.5/bushel early Thursday morning, while December edged 0.5 cent higher to $5.555.
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The report also showed soybean net sales of 657,700 MT for the 2012/2013 marketing year were up noticeably from last week and from the 4-week average. Increases were reported for unknown destinations (220,200 MT), China (183,500 MT, including 60,000 MT switched from unknown destinations), Germany (151,600 MT), Indonesia (21,000 MT), Japan (20,400 MT, including 10,800 MT switched from unknown destinations), and Taiwan (17,500 MT). Net sales of 126,000 MT for delivery in the 2013/2014 marketing year were for China. Exports of 765,000 MT were down 25 percent from the previous week and 18 percent from the prior 4-week average. The primary destinations were China (186,300 MT), Germany (151,600 MT), Indonesia (121,700 MT), Egypt (76,400 MT), Japan (63,900 MT), Mexico (62,500 MT), and the Netherlands (31,700 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (151,600 MT).