Exports: Corn sales roller coaster continues
Corn net sales rebounded after falling 120 percent last week but were still 85 percent lower than the 10-week average. In the latest “U.S. Export Sales” report released on Thursday, the USDA reported corn net sales of 58,200 metric tons (MT) for 2012-2013, compared to -59,098 MT reported last week.
These sales resulted as increases for Mexico (35,800 MT), Japan (18,400 MT, including 18,100 MT switched from unknown destinations), Honduras (13,500 MT, including 12,300 MT switched from unknown destinations), Venezuela (10,000 MT), and Taiwan (5,100 MT), were partially offset by decreases for unknown destinations (30,400 MT) and Canada (1,600 MT).
Net sales of 434,400 MT for 2013-2014 were primarily for Mexico (166,300 MT), Japan (101,600 MT), and Guatemala (59,100 MT).
Exports of 173,500 MT were down 54 percent from the previous week and 50 percent from the four-week average. The primary destinations were Mexico (103,600 MT), Japan (28,600 MT), Panama (15,400 MT), and Honduras (13,500 MT).
Corn markets remained strong on Wednesday after sagging on Tuesday. Overnight, the corn market reverted to the downside. Hot, dry weather forecasts have boosted corn prices in mid-August, but the preliminary results of a big crop tour this week suggest corn yields will top the latest USDA forecast. Technical resistance is also proving quite robust. September corn sank 4.25 cents to $4.9375/bushel early Thursday morning, while December dropped 7.0 cents to $4.7625.
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The report also showed soybean net sales slightly higher this week at 20,900 MT for 2012-2013, up from last week’s report of -10,512 MT. These sales resulted as increases for Indonesia (107,200 MT, including 107,100 MT switched from unknown destinations), Japan (23,300 MT, including 22,000 MT switched from unknown destinations), Taiwan (15,800 MT), and Thailand (3,000 MT), were partially offset by decreases for unknown destinations (129,100 MT).
Net sales of 926,000 MT for 2013-2014 were primarily for China (681,000 MT), unknown destinations (159,500 MT), and Mexico (68,200 MT).
Exports of 147,000 MT were up 56 percent from the previous week and 94 percent from the prior 4-week average. The primary destinations were Indonesia (111,300 MT), Japan (27,400 MT), Taiwan (3,800 MT), Vietnam (1,600 MT), and Malaysia (1,000 MT).