Corn exports plummet 126 percent
After climbing slightly last week, the USDA showed in its latest “U.S. Export Sales” report that corn net sales once again landed in the negative. Net sales reductions of 15,000 metric tons (MT) for 2012-2013, 126 percent lower than last week’s report.
These reductions resulted as increases for Japan (30,400 MT, including 32,300 MT switched from unknown destination and decreases of 2,000 MT), Taiwan (3,000 MT), Costa Rica (800 MT), Mexico (700 MT), and Jamaica (500 MT), were more than offset by decreases for unknown destinations (32,300 MT) and Panama (16,100 MT).
Net sales of 673,800 MT for 2013-2014 were primarily for Mexico (317,600 MT), Japan (138,200 MT), and Colombia (85,600 MT).
Exports of 329,300 MT were up 90 percent from the previous week and 1 percent from the four-week average. The primary destinations were Japan (181,500 MT), Mexico (99,100 MT), Venezuela (20,000 MT), and Taiwan (9,800 MT).
On Wednesday diminished weather concerns undercut corn futures, and while tight old crop conditions seemed to offer surprising support for September corn futures, the deferred contracts moved lower. Futures dipped overnight into Thursday as reduced fears of late-summer drought seemed to undermine deferred futures once again. September corn slipped 4.75 cents to $4.995/bushel early Thursday morning, while December skidded 2.0 cents to $4.7875.
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Soybeans also dropped into negatives this week with soybean net sales reductions of 3,200 MT for 2012-2013, down 24,057 MT from last week’s report.
These reductions resulted as increases for Taiwan (22,300 MT, including 3,000 MT switched from Thailand), Japan (10,500 MT, including 18,000 MT switched from unknown destinations and decreases of 9,200 MT), Venezuela (6,000 MT), and Malaysia (3,800 MT), were more than offset by decreases for unknown destinations (48,000 MT) and Thailand (3,000 MT).
Net sales of 868,700 MT for 2013-2014 were primarily for unknown destinations (404,700 MT), China (229,000 MT), Mexico (76,400 MT), and Taiwan (72,200 MT). Exports of 76,000 MT were down 48 percent from the previous week and 17 percent from the four-week average.
The primary destinations were Japan (25,600 MT), Mexico (22,900 MT), Vietnam (11,200 MT), Indonesia (8,300 MT), and Taiwan (5,500 MT).