Exports: Corn, soybeans set new record low

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According to the USDA's latest U.S. Export Sales report, corn net sales reductions of 33,700 MT for the 2011/2012 marketing year resulted as increases for China (56,900 MT, including 60,000 MT switched from unknown destinations and decreases of 5,800 MT), Guatemala (26,300 MT), Japan (23,300 MT, including 26,700 MT switched from unknown destinations and decreases of 3,300 MT), El Salvador (21,700 MT), and Mexico (4,300 MT), were more than offset by decreases for unknown destinations (86,700 MT), South Korea (39,700 MT), Canada (24,900 MT), and Colombia (7,500 MT).  

Net sales of 168,400 MT for delivery in the 2012/2013 marketing year were primarily for Japan (113,000 MT), unknown destinations (19,100 MT), Taiwan (18,600 MT), and Jamaica (15,000 MT).  Decreases were reported for Mexico (22,300 MT).  Exports of 372,800 MT were down 38 percent from the previous week and 35 percent from the prior 4-week average.  The primary destinations were Japan (101,000 MT), Mexico (76,800 MT), China (61,600 MT), Venezuela (45,000 MT), Guatemala (26,300 MT), and El Salvador (21,200 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 300,000 MT, all Mexico.


Corn futures closed higher on Wednesday after new crop corn prices rose more than 2 percent to close above $8 again. Futures were trading slightly higher on Thursday morning, tied to buying support of further damage to the corn crop by Hurricane Isaac.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -33,710 108,440 -142,150
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 106,477 366,215 441,583
High 192,886 1,331,862 1,331,862
Low -33,710 -33,710 -33,710
 
 
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The report also showed that soybean net sales reductions of 10,100 MT for the 2011/2012 marketing year resulted as increases for China (71,300 MT, including 55,000 MT switched from unknown destinations and decreases of 56,000 MT), Indonesia (26,700 MT, including 24,000 MT switched from unknown destinations and decreases of 1,100 MT), Malaysia (26,200 MT, including 24,000 MT switched from unknown destinations), Japan (20,800 MT, including 20,000 MT switched from unknown destinations), and Israel (17,600 MT, including 16,000 MT switched from unknown destinations), were more than offset by decreases for unknown destinations (176,000 MT).  

Net sales of 731,400 MT for delivery in the 2012/2013 marketing year were primarily for unknown destinations (352,000 MT), China (230,000 MT), and Vietnam (65,000 MT).  Exports of 535,700 MT were down 10 percent from the previous week, but up 14 percent from the prior 4-week average.  The primary destinations were China (364,300 MT), Indonesia (39,400 MT), Mexico (34,000 MT), Malaysia (27,900 MT), Japan (25,800 MT), and Israel (17,600 MT).

Soybean futures closed higher on Wednesday as Hurricane Isaac brought heavy rains and strong winds across the southern half of the country, which will slowdown this year’s early harvest. On Thursday futures were trading 2 to 3 cents lower.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -10,087 132,915 -143,002
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 188,246 391,970 440,650
High 403,907 1,015,167 1,159,407
Low -10,087 -10,087 -10,087
 
 
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