Exports: Corn sales jump 68 percent

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Corn net sales soared this week, climbing 68 percent to 392,000 metric tons (MT), according to the USDA’s latest “U.S. Export” Sales report released Thursday.

Increases for Japan (178,500 MT), Mexico (115,100 MT), Venezuela (58,000 MT, including 32,000 MT switched from Brazil), Taiwan (32,200 MT), Colombia (15,100 MT), and unknown destinations (14,600 MT), were partially offset by decreases for Brazil (32,000 MT).  Net sales of 657,800 MT for 2013/2014 were primarily for Mexico (352,300 MT), unknown destinations (158,000 MT), and China (122,500 MT).  Exports of 265,800 MT were down 25 percent from the previous week, but unchanged from the prior 4-week average. 

The primary destinations were Mexico (117,500 MT), Japan (87,000 MT), Venezuela (26,000 MT), and Jamaica (15,700 MT). 

On Wednesday the tightness of the old crop situation supported nearby contracts, returning futures to their former pattern. The financial markets seemed to boost crop markets Thursday morning. However, bulls are heading for the exits just before the weekly USDA export sales were to be released. September corn futures advanced 1.0 cent to $5.5475/bushel early Thursday morning, while December dipped 0.5 cent to $5.21.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 391,987 233,114 158,873
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 180,994 223,216 214,949
High 391,987 400,347 400,347
Low 81,499 12,622 -49,809
 
 
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The report also showed that soybean net sales reductions of 70,900 MT for 2012/2013 resulted as increases for Thailand (6,100 MT), Vietnam (6,100 MT), Taiwan (5,100 MT), Indonesia (3,900 MT), and China (2,500 MT), were more than offset by decreases for Mexico (58,000 MT) and unknown destinations (38,300 MT). 

Net sales of 410,800 MT for 2013/2014 were primarily for China (295,000 MT) and unknown destinations (102,300 MT).  Exports of 77,400 MT--a marketing-year low--were down 33 percent from the previous week and 45 percent from the prior 4-week average.  The primary destinations were Mexico (42,400 MT), Japan (15,100 MT), Taiwan (6,300 MT), Indonesia (4,900 MT), and Barbados (3,600 MT). 

On Wednesday the soy complex was decidedly mixed after being undercut by softening cash values. The soy complex was mixed in early Thursday action. The large equity overnight advance in equity index futures and the concurrent U.S. dollar decline very likely sparked buying as well. September CBOT wheat climbed 5.0 cents to $6.84/bushel in early Thursday trading, while September KCBT wheat gained 3.25 cent to $7.1225 and September MGE futures surged 5.25 cents to $7.6875.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -70,921 120,625 -191,546
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 53,705 295,398 240,695
High 193,775 1,608,774 1,608,774
Low -70,921 -70,921 -206,312
 
 
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