Exports: Corn steady, soybeans dive to 10-week low
According to the USDA’s latest U.S. Export Sales report, corn net sales of 104,300 metric tons (MT) for the 2012-2013 marketing year were down 9 percent from last week and 37 percent from the 4-week average.
Increases reported for Mexico (60,900 MT), Japan (45,100 MT, including 37,900 MT switched from unknown destinations and decreases of 900 MT), Colombia (10,000 MT), Taiwan (5,300 MT), and Honduras (3,200 MT), were partially offset by decreases for unknown destinations (22,500 MT). Exports of 286,600 MT were down 34 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Japan (142,800 MT), Mexico (67,800 MT), Taiwan (31,800 MT), Honduras (28,400 MT), and Venezuela (10,000 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 213,200 MT, and are for South Korea (163,200 MT), Israel (20,000 MT), and Mexico (30,000 MT).
The corn market suffered from a dearth of fresh news Thursday, with diminished export sales apparently remaining the dominant fundamental factor. On Friday futures were higher in overnight trading and could have an inordinately strong reaction to a large difference between expectations and actual figures in the weekly Export Sales reports.
The report also showed that soybean net sales of 87,000 MT for the 2012-2013 marketing year resulted as increases for Indonesia (144,800 MT, including 68,000 MT switched from unknown destinations and decreases of 1,000 MT), Germany (117,500 MT, including 104,000 MT switched from unknown destinations), Vietnam (76,000 MT, including 65,000 MT switched from unknown destinations), Tunisia (30,000 MT), were offset by decreases for China (272,300 MT), unknown destinations (111,000 MT), Mexico (9,600 MT), and Colombia (1,700 MT).
Exports of 1,153,800 MT were down 15 percent from the previous week and from the prior 4-week average. The primary destinations were China (650,100 MT), Germany (117,500 MT), Indonesia (95,300 MT), Vietnam (72,600 MT), and Mexico (52,600 MT).
Exports for Own Account: Exports for own account totaling 30,000 MT to Canada were applied to new or outstanding sales. The current exports for own account balance is 8,300 MT, all Canada.
Soybean futures were seemingly boosted by concerns about Malaysian flooding and its impact upon the global vegetable oil market (e.g. palm and soybean oil) in Wednesday night trading. Talk of improving Chinese buying apparently supported the market as well on Thursday, with traders responding well to sales announced the day before. On Friday the soybean market rose again in overnight trading.