Exports: Corn dips, soybeans rebound
According to the USDA’s latest U.S. Export Sales report, corn net sales of 49,100 metric tons (MT) for the 2012-2013 marketing year were down 53 percent from the previous week and 63 percent from the 4-week average.
Increases reported for Japan (91,500 MT, including 86,900 MT switched from unknown destinations and decreases of 1,900 MT), Taiwan (12,100 MT), Panama (10,500 MT), Colombia (7,200 MT), and Venezuela (6,000 MT, switched from Panama), were partially offset by decreases for unknown destinations (86,900 MT) and Jamaica (5,900 MT). Exports of 205,300 MT--a marketing-year low--were down 28 percent from the previous week and 35 percent from the prior 4-week average. The primary destinations were Japan (128,000 MT), Mexico (52,600 MT), Taiwan (7,000 MT), Venezuela (6,000 MT), and Jamaica (4,700 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).
Doane Agriculture Services reports that Thursday’s news of China’s cancelled private sales of 315,000 tons of soybeans scheduled to be shipped in the coming weeks depressed that market and weighed upon grain values as well. Though grain markets rebounded at midday, yellow grain prices slipped back into negative territory by the end of the day. On Friday morning markets were eagerly waiting this export report, and traders were not unexpected to push agriculture markets very far in either direction. March corn slipped 1 1/2 cents to $6.87 3/4 in early morning trading, while December dipped 2 cents to $5.85 1/2 per bushel.
The report also showed that soybean net sales of 434,900 MT for the 2012-2013 marketing year resulted as increases for China (360,200 MT), the Netherlands (147,700 MT, including 138,200 MT switched from unknown destinations), Japan (47,600 MT, including 45,000 MT switched from unknown destinations and decreases of 1,600 MT), and Russia (25,000 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (201,800 MT).
Net sales of 61,400 MT for delivery in the 2013/2014 marketing year were for China (60,000 MT) and Japan (1,400 MT). Exports of 1,035,600 MT were down 10 percent from the previous week and 21 percent from the prior 4-week average. The primary destinations were China (538,000 MT), the Netherlands (147,700 MT), Japan (55,900 MT), Canada (55,500 MT), and Turkey (47,600 MT).