According to the USDA’s latest U.S. Export Sales report, corn net sales of 185,200 MT for the 2012-2013 marketing year were down 48 percent from last week and 28 percent from the 4-week average.
Increases reported for Mexico, Japan, Taiwan, Colombia, Honduras, and Canada, were partially offset by decreases for unknown destinations and Panama. Net sales of 290,800 MT for the 2013-2014 marketing year were for unknown destinations, China, and Nicaragua.
Exports of 279,800 MT were down 51 percent from the previous week and 37 percent from the prior 4-week average. The primary destinations were Japan (111,300 MT), Mexico (90,000 MT), China (54,100 MT), Panama (14,300 MT), and Taiwan (6,700 MT).
On Wednesday, corn futures fluctuated wildly after the morning’s WASDE report release but ultimately sustained gains posted the night before. The initial post-report price surge apparently resulted from a surprisingly low U.S. stocks estimate for the end of the current crop year. Conversely, the USDA also boosted its forecast for global corn stockpiles later this year, which dragged prices back down.
Corn prices were decidedly mixed overnight, and Talk that recent price declines will spark fresh international business seemed to boost the old crop contracts. May corn rose 5.75 cents to $6.5475/bushel early Thursday morning, while December slipped 1.0 cents to $5.42.
|REPORT||THIS WEEK||LAST WEEK||DIFFERENCE|
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The report also showed that soybean net sales of 319,200 MT for the 2012/2013 marketing year were down 19 percent from the previous week, but up 4 percent from the prior 4-week average.
Increases reported for China (526,000 MT, including 220,200 MT switched from unknown destinations), Mexico (64,000 MT), Japan (51,400 MT, including 30,000 MT switched from unknown destinations and decreases of 2,600 MT), Egypt (28,300 MT switched from unknown destinations), and Indonesia (17,000 MT), were partially offset by decreases for unknown destinations (401,900 MT).
Net sales of 64,500 MT for delivery in the 2013/2014 marketing year were for unknown destinations (60,000 MT), Indonesia (3,000 MT), and Japan (1,500 MT). Exports of 645,700 MT were up 36 percent from the previous week and 27 percent from the prior 4-week average. The primary destinations were China (420,100 MT), Japan (68,200 MT), Mexico (42,400 MT), Egypt (28,300 MT), Taiwan (23,000 MT), Colombia (21,100 MT), and Indonesia (15,400 MT). Note: Accumulated exports were adjusted down for the Netherlands (54,400 MT).