Exports: Corn extends four-week slide, soybeans dip
According to the USDA’s latest U.S. Export sales report, corn net sales of 12,600 metric tons (MT) for the 2012-2013 marketing year resulted as increases for Guatemala (19,900 MT, including 17,700 MT switched from unknown destinations), Jamaica (14,900 MT), Taiwan (14,300 MT), and Hong Kong (600 MT), were partially offset by decreases for Colombia (26,600 MT), unknown destinations (7,000 MT), and Haiti (2,000 MT).
Net sales reductions of 11,600 MT for the 2013/2014 marketing year were reported for Japan. Exports of 106,800 MT--a marketing-year low--were down 48 percent from the previous week and 64 percent from the prior 4-week average.
The primary destinations were Japan (53,600 MT), Mexico (22,000 MT), Guatemala (19,900 MT), and Taiwan (9,200 MT).
Optional Origin Sales: For MY 2012/2013, optional origin sales totaling 63,000 MT were reported for South Korea. Decreases in optional origin sales totaling 70,000 MT were reported for South Korea (40,000 MT) and Mexico (30,000 MT). Outstanding optional origin sales total 206,200 MT, and are for South Korea (186,200 MT), and Israel (20,000 MT). For MY 2013/2014, optional origin sales totaling 30,000 MT were reported for Mexico. Outstanding optional origin sales total 30,000 MT, all Mexico.
Crop markets were mixed on Wednesday on news that domestic ethanol stocks had declined despite a moderate production increase last week. March corn rose 5 3/4 cents to $6.94 1/2 per bushel Wednesday, while December gained 3 3/4 cent higher to $5.81 1/2. On Thursday concerns about tight supplies supported corn prices in overnight trade. The gains felt by the market in the face of negative news, such as a South Korean firm making no purchases in a tender for 55,000 tons of corn, impressed experts
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The report also showed that soybean net sales of 321,800 MT for the 2012/2013 marketing year resulted as increases for unknown destinations (254,700 MT), the Netherlands (95,600 MT), Spain (72,100 MT, including 65,000 MT switched from unknown destinations), and Mexico (69,100 MT), were partially offset by decreases for China (241,600 MT).
Net sales of 85,000 MT for delivery in the 2013/2014 marketing year were for China (60,000 MT) and unknown destinations (25,000 MT). Exports of 1,177,300 MT were up 14 percent from the previous week and 2 percent from the prior 4-week average.