Exports: Corn plunges 52 percent

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The USDA reported corn net sales of 104,600 MT in its latest “U.S. Export Sales” report on Thursday, which is down 52 percent from last week and 57 percent from the 4-week average.

Increases reported for Mexico (40,300 MT), unknown destinations (32,000 MT), Jamaica (13,300 MT), Venezuela (8,800 MT), and Trinidad (7,000 MT), were partially offset by decreases for the Dominican Republic (6,500 MT) and Costa Rica (2,900 MT).  Net sales of 341,600 MT for 2013/2014 were for unknown destinations (205,400 MT), Japan (64,200 MT), China (60,000 MT), and Mexico (19,000 MT).  Decreases were reported for Trinidad (7,000 MT). 

Exports of 270,000 MT were down 10 percent from the previous week and 11 percent from the prior 4-week average.  The primary destinations were Mexico (142,200 MT), Japan (35,600 MT), Taiwan (33,300 MT), Cuba (27,000 MT), and Panama (13,200 MT). 

After surging on Wednesday, the corn market suffered overnight in reaction. July corn slipped 5.0 cents to $6.535/bushel early Thursday morning, while December slid 5.0 cents to $5.255.


  Sales 104,573 219,921 -115,348
Average 241,147 231,470 221,700
High 400,347 769,756 400,347
Low 92,194 12,622 -49,809

The report also showed that net sales of 183,500 MT for 2012/2013 were reported for unknown destinations (82,800 MT), Japan (35,200 MT), Indonesia (30,900 MT, including 25,200 MT switched from unknown destinations), Mexico (22,700 MT), and Vietnam (4,100 MT).  Net sales of 838,900 MT for 2013/2014 were primarily for China (531,000 MT), unknown destinations (180,000 MT), the United Kingdom (60,000 MT), and Egypt (60,000 MT). 

Decreases were reported for Indonesia (5,000 MT).  Exports of 100,800 MT--a marketing-year low--were down 40 percent from the previous week and 55 percent from the prior 4-week average.  The primary destinations were Indonesia (45,100 MT), Taiwan (18,300 MT), Mexico (16,400 MT), Japan (8,000 MT), and Vietnam (6,100 MT).

The big equity market reversal posted on Wednesday also weighed on soybean futures, which traded weakly Thursday morning. July soybean futures dipped 5.0 cents to $14.8925/bushel Thursday morning, while July soyoil lost 0.23 cents to 49.41 cents/pound, and July soybean meal skidded $3.4 to $437.2/ton.

  Sales 183,480 15,304 168,176
Average 162,737 472,788 320,399
High 392,664 1,608,774 1,608,774
Low 15,304 15,304 -206,312

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