Exports: Corn, soybeans see slight uptick

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 329,300 MT for 2012-2013 were up 5 percent from last week and from the 4-week average. 

Increases reported for Japan (107,800 MT, including 50,300 MT switched from unknown destinations and decreases of 23,800 MT), Mexico (93,800 MT, including 34,100 MT switched from unknown destinations and decreases of 3,900 MT), unknown destinations (87,600 MT), Colombia (21,000 MT), Venezuela (20,000 MT), and El Salvador (6,400 MT), were partially offset by decreases for Trinidad (14,200 MT) and Honduras (3,700 MT).  Net sales of 656,000 MT for 2013/2014 were for China (300,000 MT), unknown destinations (295,000 MT), Japan (46,800 MT), and Trinidad (14,200 MT). 

Exports of 403,800 MT were up 25 percent from the previous week and 10 percent from the prior 4-week average.  The primary destinations were Japan (218,900 MT), Mexico (138,800 MT), Jamaica (15,700 MT), Honduras (14,300 MT), and Taiwan (10,900 MT).

On Wednesday corn futures were under considerable pressure following Tuesday’s decline and a negative report on Chinese manufacturing activity. Futures rebounded early Thursday, especially with significant portions of the western and northern areas of the Corn Belt being blessed with heavy snow today. Corn plantings are likely to be reported as dramatically behind normal next week.

July corn surged 7.25 cents to $6.54/bushel early Thursday morning, while December advanced 5.0 cents to $5.555.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 329,264 314,731 14,533
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 278,467 231,048 234,922
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 reductions of 109,800 MT for 2012/2013 resulted as increases for Mexico (90,900 MT), Indonesia (84,200 MT, including 74,600 MT switched from unknown destinations), Japan (19,300 MT), Israel (18,900 MT), and Taiwan (6,900 MT), were more than offset by decreases for China (276,300 MT) and unknown destinations (56,800 MT).  Net sales of 1,341,100 MT for 2013/2014 were primarily for China (1,150,000 MT) and unknown destinations (171,000 MT). 

Exports of 356,800 MT were up 86 percent from the previous week, but down 2 percent from the prior 4-week average.  The primary destinations were China (132,700 MT), Indonesia (102,400 MT), Mexico (75,600 MT), Taiwan (20,100 MT), Cuba (8,800 MT), and Vietnam (8,400 MT).  NOTE:  Accumulated exports were adjusted down for the Netherlands (31,700 MT). 

On Wednesday soybean futures remained under strong downward pressure.  Futures rebounded moderately in early Thursday trading as concerns about forthcoming demand from China have heightened in the wake of weak economic reports posted lately. July soybean futures bounced 3.5 cents to $13.765/bushel in overnight trading, while July soyoil gained 0.06 cents to 48.91 cents/pound and July soybean meal climbed $2.2 to $406.6/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales -109,806 -206,312 96,506
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 294,230 498,704 353,848
High 689,002 1,608,774 1,608,774
Low -109,806 -109,806 -206,312
 
 
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