According to the USDA’s latest U.S. Export Sales report, corn net sales of 186,800 metric tons (MT) for the 2012-2013 marketing year were up 35 percent from last week and 26 percent from the 4-week average.
Increases reported for Japan (130,700 MT, including 63,900 MT switched from unknown destinations), China (107,500 MT, including 120,000 MT switched from unknown destinations and decreases of 12,600 MT), Mexico (48,200 MT), El Salvador (10,000 MT, including 7,200 MT switched from Guatemala and decreases of 600 MT), and Colombia (8,700 MT), were partially offset by decreases for unknown destinations (135,100 MT).
Net sales of 66,500 MT for the 2013-2014 marketing year were reported for Japan. Exports of 609,200 MT were up 65 percent from the previous week and up noticeably from the prior 4-week average. The primary destinations were Japan (209,400 MT), China (167,500 MT), Mexico (97,600 MT), Venezuela (30,000 MT), and Cuba (27,500 MT).
Optional Origin Sales: For MY 2012/2013, outstanding optional origin sales total 117,900 MT, all South Korea. For MY 2013/2014, outstanding optional origin sales total 30,000 MT, all Mexico.
On Wednesday South American drought concerns again drove the grain and soybean complexes higher. On Thursday these drought concerns remained, and traders had second thoughts overnight as a South Korean buyer bought European-origin corn instead of U.S. March corn edged 3/4 cent lower, to $7.39 1/2 in pre-dawn activity, whereas December fell 2 1/2 cents to $5.90 1/2 per bushel.
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The report also showed that soybean net sales of 386,000 MT for the 2012-2013 marketing year were up 1 percent from the previous week, but down 42 percent from the prior 4-week average.
Increases reported for China (292,100 MT, including 163,000 MT switched from unknown destinations and decreases of 14,600 MT), the Netherlands (76,200 MT, including 70,000 MT switched from unknown destinations), Indonesia (70,800 MT), Vietnam (62,000 MT, including 65,000 MT switched from unknown destinations and decreases of 6,000 MT), Turkey (44,000 MT, including 40,000 MT switched from unknown destinations), and Egypt (40,000 MT), were partially offset by decreases for unknown destinations (277,000 MT).