USDA: Corn exports up slightly

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 166,700 metric tons (MT) for the 2012-2013 marketing year were reported for Japan (125,700 MT, including 42,800 MT switched from unknown destinations and decreases of 17,000 MT), Mexico (45,600 MT), Saudi Arabia (30,000 MT), and Taiwan (4,000 MT), were partially offset by decreases for unknown destinations (42,800 MT) and Barbados (1,000 MT).  Exports of 417,700 MT were primarily to Japan (250,500 MT), Mexico (85,800 MT), Taiwan (37,300 MT), Cuba (25,000 MT), and Venezuela (9,200 MT).

Optional Origin Sales:   For MY 2012/2013, decreases in optional origin sales totaling 3,300 MT were reported for Mexico.  Outstanding optional origin sales total 385,000 MT, and are for Mexico (330,000 MT) and South Korea (55,000 MT).  For MY 2013/2014, decreases in optional origin sales totaling 66,700 MT were reported for Mexico.

Corn futures closed higher on Wednesday as agriculture commodities moved higher shortly before the close of electronic trade on significant sell offs in the U.S. dollar index. On Thursday futures opened 6 to 8 cents higher as harvest pressure is easing and commercial interests are having a difficult time buying the corn they need.

  Sales 166,735 4,232 162,503
Average 317,932 291,915 423,409
High 1,881,967 1,881,967 1,881,967
Low 368 368 -104,157

The report also showed that soybean net sales of 523,400 MT for the 2012/2013 marketing year were reported for China (268,400 MT, including 120,000 MT switched from unknown destinations and decreases of 71,900 MT), Germany (151,700 MT, including 140,000 MT switched from unknown destinations), Thailand (76,000 MT), Spain (71,500 MT, including 65,000 MT switched from unknown destinations), and South Korea (58,000 MT, including 55,000 MT switched from unknown destinations). 

Decreases were reported for unknown destinations (285,500 MT).  Net sales of 1,800 MT for the 2013/2014 marketing year resulted as increases for Japan (3,600 MT), were partially offset by decreases for Vietnam (1,000 MT) and Thailand (800 MT).  Exports of 1,469,800 MT were reported to China (788,500 MT), Germany (151,700 MT), Mexico (125,900 MT), Spain (71,500 MT), and Egypt (64,700 MT).

Exports for Own Account:  Exports for own account totaling 48,800 MT was reported for Canada.  The current exports for own account balance is 48,800 MT, all Canada.

Soybean futures closed higher on Wednesday. After trading narrowly much to the day session soybean futures received and extra boost from fund buying due to strong losses in the dollar index and demand optimism. On Thursday futures were 12 cents to 17 cents higher, leading other crop markets higher early Thursday morning.

  Sales 523,382 500,657 22,725
Average 744,734 507,545 523,529
High 2,645,023 2,645,023 2,645,023
Low 5,146 5,146 -10,087

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