Exports: Corn sinks slightly, soybeans soar
According to the USDA’s latest U.S. Export Sales report, corn net sales of 372,600 MT for the 2012-2013 marketing year were down 47 percent from last week and 23 percent from the 4-week average.
Increases were reported for unknown destinations (134,800 MT), Brazil (56,500 MT), Japan (46,500 MT), Chile (38,500 MT), Italy (31,600 MT), and South Korea (30,500 MT). Decreases were reported for China (54,000 MT) and Egypt (2,900 MT). Net sales of 152,300 MT for the 2013/2014 marketing year were reported primarily for unknown destinations (82,500 MT), China (59,300 MT), and Mexico (10,000 MT).
Exports of 584,700 MT were up 13 percent from the previous week and 8 percent from the prior 4-week average. The primary destinations were Japan (186,700 MT), Egypt (74,600 MT), Turkey (65,800 MT), Nigeria (50,500 MT), Chile (38,500 MT), Peru (35,600 MT), and Italy (31,600 MT).
Optional Origin Sales: For 2012/2013, outstanding optional origin sales total 90,000 MT, all Algeria.
On Wednesday corn futures followed soybeans higher, boosted by the latest export news. Futures again rose in concert with soybeans on Wednesday night. On Thursday morning March corn was trading 3.50 cents higher, at $7.13/bushel early Thursday morning, while December inched 0.25 cent lower to $5.535.
|REPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
|SALES||10 WEEKS||27 WEEKS||THIS YEAR|
The report also showed that soybean net sales of 689,000 MT for the 2012-2013 marketing year resulted as increases for China (474,800 MT, including 25,000 MT switched from unknown destinations and decreases of 4,800 MT), Indonesia (98,300 MT, including 69,000 MT switched from unknown destinations and decreases of 1,700 MT), the Netherlands (75,900 MT, including 70,000 MT switched from unknown destinations), Japan (45,800 MT, including 9,000 MT switched from unknown destinations), Mexico (38,700 MT), and South Korea (27,700 MT, including 30,000 MT switched from unknown destinations and decreases of 2,300 MT), were partially offset by decreases for unknown destinations (126,800 MT).
Net sales of 482,000 MT for delivery in the 2013/2014 marketing year were primarily for China (350,000 MT) and unknown destinations (115,000 MT).
Exports of 822,200 MT were down 14 percent from the previous week and 28 percent from the prior 4-week average. The primary destinations were China (528,500 MT), the Netherlands (75,900 MT), Mexico (51,400 MT), Indonesia (40,800 MT), and Taiwan (30,800 MT).
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