Exports: Corn sales bounce
The USDA reported corn net sales of 134,000 metric tons (MT) for 2012-2013 in its latest “U.S. Export Sales” report, up considerably from last week’s reductions of 29,800 MT. This resulted as increases for Japan (98,000 MT, including 48,400 MT switched from unknown destinations and decreases of 1,700 MT), Taiwan (39,400 MT), China (25,000 MT), Venezuela (17,800 MT, including 19,000 MT switched from unknown destinations and decreases of 3,200 MT), and Mexico (15,400 MT), were partially offset by decreases for unknown destinations (59,300 MT) and the French West Indies (4,000 MT).
Net sales of 1,091,200 MT for 2013/2014 were primarily for Mexico (393,800 MT), unknown destinations (306,200 MT), China (208,600 MT), and Japan (123,300 MT). Exports of 328,100 MT were up 37 percent from the previous week and 4 percent from the prior 4-week average. The primary destinations were Japan (127,000 MT), Mexico (118,800 MT), Venezuela (62,800 MT), and El Salvador (7,000 MT).
On Wednesday, corn futures edged higher as tight old crop supplies reportedly translated in country firmness. Overnight futures dipped after nearly ideal weather continued to impede bullish efforts in the crop markets. The main impetus for the decline suffered last night may simply have stemmed from a surge in the value of the U.S. dollar. September corn futures slid 3.25 cents to $4.9575/bushel early Thursday morning, while December fell 4.75 cents to $4.7425.
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The report also showed soybean net sales down 39 percent from last week, reported at 78,500 MT. Increases were reported for Taiwan (49,800 MT), Mexico (12,000 MT), Indonesia (9,900 MT), Vietnam (3,500 MT), and Japan (2,400 MT). Net sales of 1,030,900 MT for 2013/2014 were primarily for China (558,000 MT), unknown destinations (302,000 MT), South Korea (55,000 MT), and Mexico (46,000 MT). Exports of 77,500 MT were down 6 percent from the previous week and 22 percent from the prior 4-week average.
The primary destinations were Japan (33,100 MT), Mexico (26,900 MT), Taiwan (6,900 MT), Vietnam (4,700 MT), and Indonesia (2,900 MT).
The soy complex ended mixed on Wednesday as old crop tightness seemingly boosted August beans and meal. Various factors explain divergent action in the soy complex overnight, including fine weather and large production prospects weighed upon deferred futures. September soyoil jumped 0.58 cents to 42.67 cents/pound, while September soymeal sagged $0.1 to $403.9/ton.
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