Exports: Corn, soybeans tumble
Exports of 1,272,100 MT were up 5 percent from the previous week and 14 percent from the prior 4-week average. The primary destinations were China (679,800 MT), the Netherlands (194,600 MT), Thailand (76,800 MT), Japan (71,100 MT), and Germany (66,900 MT). Accumulated exports were adjusted down for the Netherlands (66,900 MT).
Optional Origin Sales: For MY 2012/2013, optional origin sales decreases totaling 126,000 MT were reported for China. For MY 2013/2014, optional origin sales totaling 246,000 MT were reported for China. Optional origin sales totaling 120,000 MT for China were exercised to export from the United States. Outstanding optional origin sales total 246,000 MT, all China.
The improved weather forecasts for major South American corn and soybean growing regions also impacted the soybean market on Thursday, weighing heavily on CBOT future early Thursday. However, the market posted a strong comeback before the afternoon close. On Friday news that U.S. exporters sold more than 500,000 tons of soybeans to be delivered to China in the 2013-14 crop year seemed to offer belated support. March soybeans had declined 3 1/4 cents to $14.32/bushel in the early-morning hours, while March soybean oil slid 0.21 cents to 51.90 cents/pound and March meal slipped $1.0 to $413.7/ton.
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