Exports: Corn sales jump from last week

According to the USDA’s latest U.S. Export report, corn net sales of 326,900 metric tons (MT) for the 2012-2013 marketing year reported for Japan (102,600 MT), unknown destinations (59,000 MT), Venezuela (45,000 MT, including 20,000 MT switched from unknown destinations), and Jamaica (30,500 MT), were partially offset by decreases for China (11,900 MT).  Exports of 430,000 MT were primarily to China (108,100 MT), Mexico (88,200 MT), Japan (72,400 MT), Venezuela (58,000 MT), and South Korea (42,000 MT).

Optional Origin Sales:   For MY 2012-2013, new optional origin sales totaling 33,300 MT were reported for Mexico.  Outstanding optional origin sales total 388,300 MT, and are for Mexico (333,300 MT), and South Korea (55,000 MT).  For MY 2013-2014, new optional origin sales totaling 66,700 MT were reported for Mexico.  Outstanding optional origin sales total 66,700 MT, all Mexico.

Corn futures closed lower on Wednesday, pressured by the rapid pace of the 2012 corn harvest, tumbling soybean futures and pre-WASDE squaring.  On Thursday futures were trading sharply higher post WASDE. Corn futures jumped 26 to 27 cents despite an increase in the production estimate.

The report also showed that soybean bet sales of 1,296,600 MT for the 2012/2013 marketing year were reported for China (1,025,000 MT, including 225,000 MT switched from unknown destinations and decreases of 3,000 MT), Indonesia (83,800 MT, including 68,000 MT switched from unknown destinations), the Netherlands (75,200 MT, including 70,000 MT switched from unknown destinations), Germany (65,300 MT), and Mexico (63,100 MT). 

Decreases were reported for unknown destinations (84,000 MT) and Japan (3,300 MT).  Net sales of 6,300 MT for the 2013/2014 marketing year were reported for Japan (4,500 MT), Vietnam (1,000 MT), and Thailand (800 MT).  Exports of 1,176,900 MT were reported to China (727,000 MT), Mexico (118,900 MT), Indonesia (77,000 MT), the Netherlands (75,200 MT), and Thailand (66,700 MT).  NOTE:  Accumulated export were adjusted down for the Netherlands (65,300 MT). 

Soybean futures closed lower on Wednesday ahead of Thursday’s WASDE estimates along with an improved crop outlook for soybeans. On Thursday futures were trading sharply higher post WASDE as the soybean production estimate was bearish as expected.

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