Exports: Corn stays steady, soybeans rebound

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 103,900 metric tons (MT) for the 2012-2013 marketing year were down 34 percent from last week and 35 percent from the 4-week average. 

Increases reported for Japan (96,700 MT, including 34,400 MT switched from unknown destinations and decreases of 100 MT), China (48,400 MT, including 60,000 MT switched from unknown destinations and decreases of 11,600 MT), Taiwan (20,200 MT), and Canada (1,900 MT), were partially offset by decreases for unknown destinations (31,900 MT) and Mexico (29,400 MT).  Net sales of 208,200 MT for delivery in the 2013/2014 marketing year were for Japan.  Exports of 232,000 MT were down 41 percent from the previous week and 38 percent for the prior 4-week average.  The primary destinations were Mexico (91,200 MT), Japan (75,700 MT), China (54,500 MT), Barbados (4,900 MT), Taiwan (3,100 MT), and Canada (1,500 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 213,000 MT, and are for South Korea (183,000 MT), and Mexico (30,000 MT).

Corn futures for the 2012/13 crop year closed lower on Thursday, consolidating after the recent sharp decline. On Friday morning futures were 5 cents lower with selling pressure in the grains led by soybeans. Futures were moving toward a test of the early week low at $7.10.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 103,875 157,590 -53,715
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 302,177 211,480 398,476
High 1,881,967 1,881,967 1,881,967
Low 368 368 -104,157
 
 
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The report also showed that soybean net sales of 559,700 MT for the 2012/2013 marketing year were up noticeably from the previous week and 14 percent from the prior 4-week average. 

Increases reported for China (371,500 MT, including 58,800 MT switched from unknown destinations and decreases of 6,100 MT), Vietnam (93,100 MT, including 65,000 MT switched from unknown destinations), Thailand (79,400 MT, including 61,000 MT switched from unknown destinations), Spain (72,600 MT, including 66,200 MT switched from unknown destinations), and Mexico (62,600 MT), were partially offset by decreases for unknown destinations (346,200 MT) and Canada (3,800 MT).  Net Sales of 25,500 MT for delivery in the 2013/2014 marketing year were for Japan.   Exports of 1,814,400 MT were up 4 percent from the previous week and 10 percent from the prior 4-week average.  The primary destinations were China (1,280,100 MT), Taiwan (74,300 MT), Vietnam (72,700 MT), Spain (72,600 MT), and Thailand (71,100 MT).

Exports for Own Account:  Exports for own account totaling 34,000 MT to Canada were applied to new or outstanding sales.  The current exports for own account balance is 20,900 RB, all Canada.

Soybean futures closed lower on Thursday with the January futures surrendering gains of the past two days. On Friday morning prices were trading 15 to 22 cents lower.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 559,726 186,439 373,287
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 848,692 493,874 521,649
High 2,645,023 2,645,023 2,645,023
Low 186,439 5,146 -10,087
 
 
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