USDA: Corn exports sink to 27-week low

According to the latest U.S. Export Sales report, corn net sales of 400 metric tons (MT) for the 2012-2013 marketing year resulted as increases for Japan (138,300 MT, including 97,800 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (17,200 MT), Colombia (4,000 MT), and Taiwan (3,000 MT), were partially offset by decreases for unknown destinations (152,800 MT), China (7,300 MT), Jamaica (3,400 MT), South Korea (2,300 MT), and Honduras (1,000 MT). 

 Exports of 679,600 MT were primarily to Japan (297,500 MT), China (165,200 MT), Mexico (108,200 MT), South Korea (55,100 MT), and Taiwan (16,800 MT).     

Optional Origin Sales:   For MY 2012/2013, new optional origin sales totaling 55,000 MT were reported for South Korea.  Outstanding optional origin sales total 355,000 MT, and are for Mexico (300,000 MT), and South Korea (55,000 MT).

Corn futures closed lower on Wednesday as a combination of factors pulled corn futures lower.  On Thursday futures traded 4 cents lower as corn futures were once again on the defensive ahead of tomorrow’s stocks and small grains report.

REPORT THIS WEEK LAST WEEK DIFFERENCE   Sales 368 69,878 -69,510 SALES 10 WEEKS 27 WEEKS THIS YEAR Average 341,368 355,644 443,733 High 1,881,967 1,881,967 1,881,967 Low 368 368 -104,157

The report also showed that soybean net sales of 799,500 MT for the 2012-2013 marketing year were reported for unknown destinations (217,100 MT), China (189,700 MT), Saudi Arabia (141,500 MT, including 60,000 MT switched from unknown destinations), Japan (62,700 MT, including 35,400 MT switched from unknown destinations), and South Korea (59,700 MT, including 56,500 MT switched from unknown destinations). 

Exports of 328,900 MT were reported to Saudi Arabia (81,500 MT), South Korea (59,700 MT), China (58,700 MT), Mexico (45,300 MT), and Japan (36,900 MT).  

Soybean futures closed lower on Wednesday as outside market pressure was the driving force behind tumbling commodity market. On Thursday futures traded 12 cents lower.

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