Exports: Corn sales slip again

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Corn net sales continued to drop this week, dipping 18 percent to 85,700 MT for 2012-2013, according to the USDA’s Export Sales report. This is also 56 percent below the four-week average and the 10-week low.

Increases reported for Japan (66,100 MT, including 66,600 MT switched from unknown destinations and decreases of 6,800 MT), South Korea (57,400 MT, including 55,000 MT switched from unknown destinations), Mexico (45,800 MT), Venezuela (30,000 MT), and Taiwan (5,100 MT), were partially offset by decreases for unknown destinations (112,400 MT), Honduras (4,300 MT), and Panama (4,000 MT).  Net sales of 789,600 MT for 2013/2014 were for China (483,000 MT), unknown destinations (242,000 MT), and Mexico (64,600 MT). 

Exports of 354,700 MT were up 31 percent from the previous week and 22 percent from the prior 4-week average.  The primary destinations were Japan (212,700 MT), Mexico (58,700 MT), South Korea (57,600 MT), and Venezuela (15,000 MT). 

In the market, corn futures remained under pressure on Thursday but rebounded modestly overnight. Persistent old crop tightness probably supported the nearby July future, whereas growing concern about the ability of many Corn Belt farmers to finish spring plantings in a timely fashion boosted the deferred contracts. Delays from this point imply diminished yields and/or acreage shifts to soybeans. July corn rose 3.25 cents to $6.575/bushel early Friday, while December gained 1.75 cents to $5.645.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 85,700 104,573 -18,873
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 240,498 205,160 215,223
High 400,347 400,347 400,347
Low 85,700 12,622 -49,809
 
 
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The USDA report also showed that soybean net sales reductions of 108,000 MT for 2012/2013 resulted as increases for Japan (74,600 MT, including 28,800 MT switched from unknown destinations and decreases of 1,700 MT), Venezuela (12,000 MT), Mexico (11,100 MT), Vietnam (9,800 MT), and Indonesia (6,000 MT), were more than offset by decreases for China (207,500 MT) and unknown destinations (28,800 MT). 

Net sales of 756,600 MT for 2013/2014 were primarily for China (587,000 MT), unknown destinations (128,000 MT), Italy (30,000 MT), and Mexico (10,900 MT).   Exports of 112,500 MT were up 12 percent from the previous week, but down 44 percent from the prior 4-week average.  The primary destinations were Japan (52,200 MT), Indonesia (17,400 MT), Mexico (11,700 MT), Taiwan (10,100 MT), and Vietnam (9,800 MT). 

The international reaction to the GMO wheat news weighed on soybean futures Thursday. General domestic shortage sparked fresh buying of old crop soybeans in early Friday trading. New crop futures also advanced, which seemed to reflect fresh worries about the pace of new crop plantings. July soybean futures surged 14.25 cents to $15.10/bushel early Friday morning, while July soyoil bounced 0.14 cents to 48.72 cents/pound, and July soybean meal climbed $5.4 to $446.2/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -107,971 183,480 -291,451
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 135,764 444,461 300,000
High 392,664 1,608,774 1,608,774
Low -107,971 -107,971 -206,312
 
 
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