According to the USDA’s latest U.S. Export Sales report, corn net sales of 314,700 MT for 2012/2013 were down 21 percent from last week, but up 2 percent from the 4-week average.
Increases reported for Japan (108,400 MT, including 33,500 MT switched from unknown destinations), Saudi Arabia (70,400 MT, including 65,000 MT switched from unknown destinations), Mexico (52,900 MT), Honduras (34,500 MT, including 12,000 MT switched from unknown destinations), Cuba (25,000 MT), and Venezuela (22,500 MT), were partially offset by decreases for unknown destinations (27,400 MT) and Panama (1,000 MT).
Net sales of 21,200 MT for 2013/2014 were for Mexico (11,100 MT), Japan (5,600 MT), and China (4,500 MT). Exports of 322,000 MT were up 7 percent from the previous week, but down 16 percent from the prior 4-week average. The primary destinations were Japan (110,600 MT), Mexico (87,000 MT), Saudi Arabia (70,400 MT), Honduras (17,600 MT), and Venezuela (12,000 MT).
Corn futures were set to bounce in the wake of recent declines on Wednesday, and yellow grain prices rose after the weekly Energy Information Administration report was released on Wednesday morning. Overnight corn futures sustained their slightly Wednesday gains with strength spilling over from the soybean market.
Relatively tight old crop supplies and the slow start to new crop plantings may be creating background support as well. May corn gained 4.75 cent to $6.4425/bushel in early Thursday morning trading, while December rose 1.25 cents to $5.2925.
The report also showed that soybean net sales reductions of 206,300 MT--a marketing-year low--for 2012/2013 were down noticeably from the previous week and from the prior 4-week average.
Increases for Mexico (42,900 MT), Indonesia (30,300 MT, including 24,800 MT switched from unknown destinations), Japan (12,500 MT), Vietnam (4,200 MT), and Taiwan (3,500 MT), were more than offset by decreases for China (281,500 MT) and unknown destinations (24,800 MT). Net sales of 628,500 MT for 2013/2014 were for China (534,000 MT), unknown destinations (86,000 MT), Canada (7,500 MT), and Japan (1,000 MT).
Exports of 191,700 MT were up 6 percent from the previous week, but down 59 percent from the prior 4-week average. The primary destinations were Mexico (91,200 MT), Indonesia (53,600 MT), Taiwan (21,900 MT), Japan (14,500 MT), Vietnam (3,700 MT), Malaysia (2,000 MT), and South Korea (1,900 MT).
Tight spot markets and a positive basis continued supporting soybean futures Wednesday morning; however, reported unwinding of soybean/corn spreads and technical selling of the nearby contracts apparently dragged bean futures downward.
Overnight tight spot markets and a positive basis continue supporting soybean futures in the face of negative developments. Traders talk of slowing Chinese demand and increased availability of South American product, while bulls can argue that improved early-May weather will accelerate corn plantings and potentially reduce soybean acreage later in the spring. May soybeans advanced 11.0 cents to $14.15/bushel early Thursday morning, while May soyoil surged 0.39 cents to 49.57 cents/pound, and May meal climbed $2.8 to $408.7/ton.
|REPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
|SALES||10 WEEKS||27 WEEKS||THIS YEAR|