Exports: Corn sales climbing

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Corn net sales reversed its course this week, climbing 25 percent to 107,200 MT for 2012-2013, according to the USDA’s latest U.S. Export Sales report. While this is up from last week, it is down 19 percent from the four-week average.  

Increases reported for Japan (165,800 MT, including 86,700 MT switched from unknown destinations and decreases of 4,600 MT), Mexico (7,400 MT), Canada (5,400 MT), and Venezuela (5,000 MT), were partially offset by decreases for unknown destinations (77,600 MT). 

Net sales of 51,600 MT for 2013/2014 were for Mexico.  Exports of 359,800 MT were up 1 percent from the previous week and 29 percent from the prior 4-week average.  The primary destinations were Japan (202,700 MT), Mexico (107,300 MT), Venezuela (20,000 MT), and Jamaica (18,500 MT). 

On Wednesday corn futures followed their recent pattern, with tight old crop supplies supporting the nearby July contract.  Overnight futures reversed their pattern as old crop prices slipped and new crop values rose slightly.  Recent July gains may have elicited fresh farmer selling, whereas talk of a high pressure ridge emerging over the Great Plains in mid-June probably supported the deferred contracts. July corn dipped 0.25 cents to $6.605/bushel in early Thursday trading, while December advanced 2.25 cents to $5.445.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 107,230 85,700 21,530
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 221,706 200,202 210,315
High 400,347 400,347 400,347
Low 85,700 12,622 -49,809
 
 
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The USDA’s report also showed that soybean net sales of 48,400 MT for 2012-2013 were up noticeably from the previous week, but down 32 percent from the prior 4-week average. 

Increases reported for Germany (66,000 MT, including 60,000 MT switched from the Netherlands), Mexico (21,700 MT), Taiwan (10,700 MT), Morocco (10,000 MT), and Vietnam (9,300 MT), were partially offset by decreases for the Netherlands (60,000 MT) and Syria (27,000 MT).  Net sales of 589,900 MT for 2013/2014 were primarily for China (486,300 MT), unknown destinations (60,000 MT), Mexico (26,900 MT), and Malaysia (10,000 MT).   

Exports of 122,700 MT were up 9 percent from the previous week, but down 11 percent from the prior 4-week average.  The primary destinations were Germany (66,000 MT), Mexico (11,400 MT), Israel (9,400 MT), Japan (8,900 MT), and Vietnam (6,000 MT).

Soybean futures reacted to the same forces affecting corn prices on Wednesday. The expiring July future likely benefited from old crop tightness.  On Thursday morning soybean futures came under downward pressure, though the reasons behind the slide were unclear.  July soybean futures fell 3.5 cents to $15.585/bushel as the sun rose over Chicago Thursday, whereas July soyoil climbed 0.10 cents to 48.40 cents/pound, and July soybean meal dropped $1.4 to $454.5/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 48,449 -107,971 156,420
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 152,600 452,360 288,566
High 392,664 1,608,774 1,608,774
Low 15,304 15,304 -206,312
 
 
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