USDA: Corn, soybean exports tumble

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According to the USDA's latest U.S. Export Sales report, corn net sales of 236,100 metric tons (MT) for the 2012-2013 marketing year were down 69 percent from last week and 21 percent from the 4-week average.  Despite the drop, corn sales still remained 340,297 MT above the yearly low and 235,872 MT above the 10-week low.

Increases reported for Japan (118,300 MT, including 31,400 MT switched from unknown destinations and decreases of 7,700 MT), China (58,000 MT, including 60,000 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (40,500 MT), Taiwan (9,300 MT), Trinidad (8,000 MT), and Saudi Arabia (6,200 MT), were partially offset by decreases for unknown destinations (12,300 MT).  

Net sales of 27,400 MT for delivery in the 2013/2014 marketing year were for Japan.  Exports of 368,800 MT were down 7 percent from the previous week, but up 5 percent for the prior 4-week average.  The primary destinations were Japan (152,400 MT), Saudi Arabia (68,200 MT), Mexico (59,000 MT), China (58,000 MT), Jamaica (12,100 MT), and Venezuela (10,000 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 213,200 MT, and are for South Korea (163,200 MT), Israel (20,000 MT), and Mexico (30,000 MT).

Corn futures settled steady to fractionally higher on Wednesday. On Thursday futures were a few cents higher as non-commercial buying provided support to the corn market. In recent weeks, corn prices have become less volatile and that is pulling speculators back into the market. Corn prices have also been supported by the strength in the soybean market.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 236,140 769,756 -533,616
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 207,582 232,745 402,922
High 769,756 1,881,967 1,881,967
Low 368 368 -104,157
 
 
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The report also showed soybean net sales of 319,100 MT for the 2012/2013 marketing year were down 41 percent from last week and 37 percent from the 4-week average.  

Increases reported for China (212,500 MT), Spain (82,400 MT, including 65,700 MT switched from unknown destinations), Mexico (22,800 MT), Vietnam (15,600 MT), and Thailand (11,600 MT), were partially offset by decreases for unknown destinations (53,500 MT) and France (16,300 MT).  Exports of 1,354,100 MT were down 31 percent from the previous week and 25 percent from the prior 4-week average.  The primary destinations were China (965,200 MT), Japan (81,400 MT), Spain (72,400 MT), Saudi Arabia (66,000 MT), and Egypt (64,200 MT).

Exports for Own Account:  Exports for own account totaling 29,200 MT were reported to Canada.  Exports for own account totaling 43,700 MT to Canada were applied to new or outstanding sales.  The current exports for own account balance is 9,500 RB, all Canada.

The soybean market slipped lower on Wednesday, bringing a halt to the three-day streak that was marked by strong price gains. On Thursday futures were 7 to 10 cents higher as strong commercial buying suggests that more export sales are in the works and will be announced soon.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 319,140 543,554 -224,414
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 599,236 472,578 517,806
High 1,296,587 2,645,023 2,645,023
Low 186,439 5,146 -10,087
 
 
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