Exports: Corn continues to slide, soybeans rebound
According to the USDA’s latest U.S. Exports Sales report, corn net sales of 51,600 metric tons (MT) for the 2012-2013 marketing year resulted as increases for China (109,000 MT, including 120,000 MT switched from unknown destinations and decreases of 11,000 MT), Japan (85,600 MT, including 62,800 MT switched from unknown destinations and decreases of 26,300 MT), Panama (84,000 MT), Guatemala (19,000 MT, including 17,400 MT switched from unknown destinations), Venezuela (10,000 MT), and Jamaica (6,300 MT), were partially offset by decreases for unknown destinations (250,000 MT), Mexico (21,800 MT), and Honduras (2,000 MT).
Net sales reductions of 4,200 MT for delivery in the 2013/2014 marketing year were for Japan. Exports of 292,800 MT were down 21 percent from the previous week and 16 percent for the prior 4-week average. The primary destinations were China (109,000 MT), Japan (49,600 MT), Mexico (47,200 MT), Venezuela (33,000 MT), Cuba (25,000 MT), and Guatemala (19,000 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 213,200 MT, and are for South Korea (163,200 MT), Mexico (30,000 MT), and Israel (20,000 MT).
Corn prices settled higher on Wednesday on stronger weekly ethanol production and higher soybean prices. On Thursday futures were steady to slightly lower as higher soybean values provided underlying support while the market awaits further developments on the demand front.
The report also showed that soybean net sales of 1,142,700 MT for the 2012-2013 marketing year were up noticeably from the previous week and from the prior 4-week average.
Increases reported for China (509,600 MT), Spain (153,300 MT, including 140,000 MT switched from unknown destinations), Germany (98,400 MT), Mexico (75,100 MT), and Thailand (64,900 MT, including 60,000 MT switched from China), were partially offset by decreases for unknown destinations (16,000 MT). Net sales of 1,000 MT for delivery in the 2013/2014 marketing year were for Japan.
Exports of 1,552,700 MT were up 15 percent from the previous week, but down 9 percent from the prior 4-week average. The primary destinations were China (1,010,500 MT), Spain (163,300 MT), Germany (98,400 MT), Thailand (74,500 MT), and Japan (44,400 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (98,383 MT).
Exports for Own Account: Exports for own account totaling 9,500 MT, all Canada.
Soybean prices extended the bull market Wednesday on continuing concerns about production risks in Argentina. On Thursday futures were a little stronger in early morning trade as planting delays in Argentina remained a concern.
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