Exports: Corn sales plummet 65 percent

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 115,800 MT for 2012-2013 were down 65 percent from last week and 62 percent from the 4-week average. 

Increases reported for Japan (89,900 MT, including 31, 000 MT switched from unknown destinations), Venezuela (73,000 MT, including 27,500 MT switched from unknown destinations), Mexico (22,900 MT), Costa Rica (9,100 MT, including 7,800 MT switched from unknown destinations), Canada (3,800 MT), and Honduras (2,500 MT), were partially offset by decreases for Colombia (60,000 MT) and unknown destinations (26,400 MT). 

Net sales of 169,900 MT for 2013/2014 were for China (75,000 MT), Saudi Arabia (62,000 MT), Japan (24,700 MT), and Jamaica (8,300 MT).  Exports of 192,100 MT were down 52 percent from the previous week and 41 percent from the prior 4-week average. 

The primary destinations were Mexico (83,200 MT), Japan (54,100 MT), Venezuela (30,000 MT), Costa Rica (9,100 MT), and Taiwan (7,700 MT).

Despite being supported by the financial market situation as equities rose from record highs and the weakening dollars on Wednesday, corn futures declined. The looming release of upcoming USDA reports limited futures price movements overnight.  July corn inched 0.5 cent lower to $6.325/bushel early Thursday morning, while December slipped 1.0 cent to $5.31. Corn trading will probably be dominated by weather conditions, planting progress and the tight old crop situation throughout Thursday.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 115,825 329,264 -213,439
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 257,717 229,046 228,305
High 400,347 769,756 400,347
Low 92,194 12,622 -49,809
 
 
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The report also showed that soybean net sales of 193,800 MT for 2012-2013 resulted as increases for Mexico (84,400 MT), Indonesia (50,200 MT), Japan (26,300 MT), Malaysia (24,000 MT, switched from unknown destinations), and China (6,100 MT), were partially offset by decreases for unknown destinations (15,000 MT). 

Net sales of 391,700 MT for 2013/2014 were primarily for China (360,000 MT) and unknown destinations (20,000 MT).  Exports of 171,800 MT were down 52 percent from the previous week and 49 percent from the prior 4-week average. 

The primary destinations were China (66,600 MT), Japan (31,300 MT), Malaysia (24,200 MT), Indonesia (15,100 MT), Taiwan (12,400 MT), and Mexico (10,800 MT). 

Tight supplies and firm prices continued supporting nearby soybean futures Wednesday morning; bulls also got a boost from a USDA report of a 115,000-tonne sale to China for the 2013/14 crop year. On Thursday the difficult old crop situation supported nearby soybean futures. The soy complex rose modestly in early Thursday morning trading. July soybean futures rose 2.75 cents to $13.935/bushel overnight, while July soyoil added 0.06 cents to 48.88 cents/pound, and July soybean meal climbed $0.8 to $408.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 193,775 -109,806 303,581
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 269,106 496,587 344,955
High 657,724 1,608,774 1,608,774
Low 66,355 66,355 -206,312
 
 
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