USDA: Corn export sales climb from last week

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 326,900 metric tons (MT) for the 2012-2013 marketing year reported for Japan (102,600 MT), unknown destinations (59,000 MT), Venezuela (45,000 MT, including 20,000 MT switched from unknown destinations), and Jamaica (30,500 MT), were partially offset by decreases for China (11,900 MT).  Exports of 430,000 MT were primarily to China (108,100 MT), Mexico (88,200 MT), Japan (72,400 MT), Venezuela (58,000 MT), and South Korea (42,000 MT).

Optional Origin Sales:   For MY 2012-2013, new optional origin sales totaling 33,300 MT were reported for Mexico.  Outstanding optional origin sales total 388,300 MT, and are for Mexico (333,300 MT), and South Korea (55,000 MT).  For MY 2013-2014, new optional origin sales totaling 66,700 MT were reported for Mexico.  Outstanding optional origin sales total 66,700 MT, all Mexico.

Corn futures closed slightly lower on Wednesday; futures were unable to shake pressure from the rapidly advancing corn harvest and reports that private brokerage firm FC Stone has increased its production and yield forecasts for the 2012 corn crop. On Thursday futures were pulled higher by modest gains in the soybean market overnight, trading higher in the morning.

  Sales 326,917 368 326,549
Average 340,701 363,819 440,738
High 1,881,967 1,881,967 1,881,967
Low 368 368 -104,157

The report also showed that soybean met sales of 1,296,600 MT for the 2012/2013 marketing year were reported for China (1,025,000 MT, including 225,000 MT switched from unknown destinations and decreases of 3,000 MT), Indonesia (83,800 MT, including 68,000 MT switched from unknown destinations), the Netherlands (75,200 MT, including 70,000 MT switched from unknown destinations), Germany (65,300 MT), and Mexico (63,100 MT). 

Decreases were reported for unknown destinations (84,000 MT) and Japan (3,300 MT).  Net sales of 6,300 MT for the 2013/2014 marketing year were reported for Japan (4,500 MT), Vietnam (1,000 MT), and Thailand (800 MT).  Exports of 1,176,900 MT were reported to China (727,000 MT), Mexico (118,900 MT), Indonesia (77,000 MT), the Netherlands (75,200 MT), and Thailand (66,700 MT). 

NOTE:  Accumulated export were adjusted down for the Netherlands (65,300 MT).

Soybean futures closed mixed but mostly lower on Wednesday. On Thursday futures were trading higher.

  Sales 1,296,587 799,543 497,044
Average 664,196 501,507 524,119
High 2,645,023 2,645,023 2,645,023
Low 5,146 5,146 -10,087

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