Exports: Soybeans fail to impress, corn jumps

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 400,300 MT for the 2012-2013 marketing year were up noticeably from last week and 73 percent from the 4-week average. 

Increases reported for Japan (179,700 MT, including 74,200 MT switched from unknown destinations and decreases of 29,400 MT), unknown destinations (89,700 MT), Mexico (51,800 MT), Venezuela (45,100 MT, including 6,700 MT switched from unknown destinations and decreases of 1,500 MT), Colombia (24,000 MT), and Canada (8,100 MT), were partially offset by decreases for Honduras (3,400 MT) and Taiwan (2,600 MT). 

Net sales of 16,900 MT for the 2013/2014 marketing year were for Mexico (10,900 MT) and unknown destinations (6,000 MT).  Exports of 301,600 MT were up 8 percent from the previous week, but down 27 percent from the prior 4-week average. 

The primary destinations were Japan (99,600 MT), Venezuela (92,600 MT), Mexico (86,800 MT), Jamaica (9,400 MT), and Taiwan (6,100 MT).  

On Wednesday a combination of equity losses and gains in the U.S. dollar depressed nearby corn futures, but the prospect of persistent weather-driven delays to corn plantings across the Corn Belt supported the deferred contracts. An overnight bounce in the equity index and slippage in the value of the dollar offered support for the agricultural markets, including corn. May corn edged 1.75 cents higher to $6.6225/bushel in pre-dawn Thursday trading, while December gained 2.25 cents to $5.495.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 400,347 185,173 215,174
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 272,165 218,166 223,312
High 400,347 769,756 400,347
Low 92,194 12,622 -49,809
 
 
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The report also showed that soybean net sales of 339,400 MT for the 2012-2013 marketing year were up 6 percent from last week and up 53 percent from the 4-week average. 
Increases were reported for the Netherlands (91,700 MT), China (64,000 MT), Japan (40,000 MT), Mexico (32,900 MT), France (31,700 MT), and South Korea (25,100 MT, including 25,000 MT switched from unknown destinations).  Decreases were reported for unknown destinations (4,000 MT). 

Net sales of 227,400 MT for delivery in the 2013/2014 marketing year were primarily for unknown destinations (154,500 MT) and China (60,000 MT).  Exports of 181,100 MT--a marketing-year low--were down 72 percent from the previous week and 62 percent from the prior 4-week average. 

The primary destinations were the Netherlands (31,700 MT), France (31,700 MT), Mexico (31,500 MT), South Korea (27,600 MT), Taiwan (14,800 MT), Vietnam (13,000 MT), and Morocco (12,900 MT).

On Wednesday the diminished demand implied by declining equity indexes and the concurrent dollar rally weighed upon the nearby soy contracts early in the day, but persistent cash market firmness and rumors of a large Chinese purchase boosted soybean futures later on Wednesday.

Futures rose moderately Wednesday night, encouraged by rebounding equity indices and slipping U.S. dollar values. May soybeans gained 13.5 cents to $14.3575/bushel early Thursday morning, while May soyoil added 0.41 cents to 49.80 cents/pound, and May soybean meal rose $6.6 to $413.9/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 339,402 319,218 20,184
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 341,938 533,223 422,102
High 689,002 1,608,774 1,608,774
Low 66,355 66,355 -119,526
 
 
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