Exports: Corn jumps from last week's losses

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Today's Export Sales report from the USDA showed that corn net sales of 171,400 metric tons (MT) were up 86 percent from last week, but unchanged from the prior 4-week average.  

Increases reported for Japan (104,600 MT, including 42,800 MT switched from unknown destinations), China (19,900 MT), Mexico (19,900 MT), Jamaica (17,200 MT), and Guatemala (11,600 MT, including 11,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (14,700 MT) and Costa Rica (6,000 MT).  Net sales of 210,600 MT for the 2012/2013 marketing year were reported primarily for Saudi Arabia (62,000 MT), South Korea (59,000 MT), and Mexico (44,200 MT).  

Exports of 713,300 MT were up 65 percent from the previous week and 7 percent from the prior 4-week average.  The primary destinations were China (207,700 MT), Mexico (185,100 MT), Japan (173,100 MT), South Korea (61,400 MT), Venezuela (43,500 MT), and Honduras (15,400 MT).

Corn futures closed mixed on Wednesday after trading choppyg for most of the session. On Thursday futures traded 4 to 7 cents lower.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 171,434 92,109 79,325
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 370,174 569,954 585,647
High 1,331,862 1,331,862 1,331,862
Low 92,109 92,109 92,109
 
 
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The report also showed soybean net sales at 163,800 MT--a marketing-year low--which is down 62 percent from the previous week and 61 percent from the prior 4-week average.  

Increases were primarily for unknown destinations (101,500 MT), Japan (72,000 MT, including 9,000 MT switched from unknown destinations), the Netherlands (23,500 MT, including 21,500 MT switched from unknown destinations), Canada (21,900 MT), and Mexico (20,500 MT).  Decreases were reported for China (83,100 MT).  Net sales of 444,200 MT for delivery in the 2012/2013 marketing year were primarily for China (434,000 MT).  Exports of 433,600 MT were reported primarily to China (250,600 MT), Mexico (58,500 MT), Japan (43,700 MT), Indonesia (24,100 MT), the Netherlands (23,500 MT), and Taiwan (12,600 MT).    

Soybean futures settled 8 to 11 cents higher on Wednesday, closing higher for the third consecutive day. On Thursday futures traded 7 to 12 cents lower.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 163,807 425,056 -261,249
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 483,112 544,334 545,819
High 926,225 1,159,407 1,159,407
Low 163,807 163,807 163,807
 
 
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