Exports: Corn up 90 percent from last week

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 219,900 MT for 2012-2013 were up 90 percent from last week but down 24 percent from the 4-week average.

Increases reported for Mexico (136,700 MT, including 33,300 MT switched from unknown destinations and decreases of 4,000 MT), Japan (132,900 MT, including 85,400 MT switched from unknown destinations and decreases of 25,400 MT), Venezuela (19,800 MT), Canada (10,700 MT), El Salvador (10,200 MT, switched from Guatemala), and Trinidad (7,200 MT), were partially offset by decreases for unknown destinations (86,000 MT), Panama (14,500 MT), and Guatemala (11,200 MT).  Net sales of 38,600 MT for 2013/2014 were for Mexico (31,100 MT) and panama (7,500 MT). 

Exports of 298,500 MT were up 55 percent from the previous week, but down 2 percent from the prior 4-week average.  The primary destinations were Japan (132,700 MT), Mexico (79,900 MT), Venezuela (22,500 MT), Guatemala (19,000 MT), and Honduras (15,000 MT).

On Wednesday CBOT corn futures were supported by steady to firm trade in country markets but bulls seemed unwilling to push the commodity markets higher in the face of continued U.S. dollar strength. Little fresh news overnight led to narrowly mixed prices Thursday morning.

Traders are apparently taking the view that the accelerated planting being done this week will greatly improve fall harvest prospects, with lower prices being the likely result. July corn rallied 0.5 cents to $6.5125/bushel in early Thursday morning activity, while December advanced 1.5 cents to $5.3325.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 219,921 115,825 104,096
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 258,918 231,443 227,864
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 15,300 MT for 2012-2013 resulted as increases for Mexico (10,300 MT), Taiwan (8,700 MT), Canada (3,100 MT), Vietnam (1,800 MT), and Indonesia (1,300 MT), were partially offset by decreases for unknown destinations (9,000 MT) and Japan (1,900 MT).  Net sales of 346,600 MT for 2013/2014 were primarily for China (275,000 MT), Mexico (45,000 MT), and unknown destinations (20,500 MT). 

Exports of 167,600 MT were down 3 percent from the previous week and 23 percent from the prior 4-week average.  The primary destinations were China (66,400 MT), Mexico (31,000 MT), Indonesia (26,400 MT), Japan (13,200 MT), Taiwan (9,900 MT), and Vietnam (8,000 MT). 

On Wednesday the underlying tightness of domestic soybean supplies limited losses in the nearby CBOT futures.  Overnight ideas that improved planting conditions will limit late-season switching to soybeans are probably supporting deferred futures as well.  On Thursday morning July soybean futures climbed 4.75 cents to $14.175/bushel early Thursday morning, while July soyoil added 0.12 cents to 49.47 cents/pound, and July soybean meal gained $0.6 to $411.1/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 15,304 193,775 -178,471
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 222,018 489,147 327,605
High 657,724 1,608,774 1,608,774
Low 15,304 15,304 -206,312
 
 
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