Exports: Soybeans plunge, corn still steady

According to the USDA’s latest U.S. Export Sales report, corn net sales of 157,600 metric tons (MT) for the 2012-2013 marketing year were down 6 percent from last week but up 31 percent from the 4-week average. 

Increases reported for Mexico (67,900 MT), China (54,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), Japan (30,800 MT), Cuba (25,000 MT), and Colombia (9,500 MT), were partially offset by decreases for unknown destinations (34,600 MT) and Jamaica (4,800 MT).  Net sales of 51,800 MT for delivery in the 2013/2014 marketing year were for Japan.  Exports of 395,500 MT were up 2 percent from the previous week, but down 2 percent for the prior 4-week average.  The primary destinations were Mexico (160,100 MT), Japan (72,900 MT), South Korea (60,100 MT), China (54,500 MT), Cuba (25,000 MT), and Taiwan (10,700 MT).

Corn futures settled higher on Wednesday after technical buying and production worries fueled double digit gains in the wheat market which pulled corn futures higher. On Thursday futures were trading higher in a relatively quiet market.

The report also showed that soybean net sales of 186,400 MT for the 2012-2013 marketing year resulted as increases for China (274,800 MT, including 168,000 MT switched from unknown destinations and decreases of 20,200 MT), Egypt (86,700 MT), Spain (85,800 MT, including 75,500 switched from unknown destinations), Indonesia (65,700 MT, including 60,000 MT switched from unknown destinations and decreases of 500 MT), South Korea (49,400 MT, including 55,000 MT switched from unknown destinations and decreases of 5,600 MT), and Malaysia (44,700 MT, including 24,000 MT and decreases of 1,900 MT), were partially offset by decreases for unknown destinations (545,600 MT) and Japan (4,100 MT). 

Net Sales of 5,500 MT for delivery in the 2013/2014 marketing year were for Japan.   Exports of 1,748,700 MT were up 2 percent from the previous week and 17 percent from the prior 4-week average.  The primary destinations were China (1,297,900 MT), Taiwan (95,200 MT), Spain (85,800 MT), Indonesia (72,400 MT), and South Korea (49,600 MT).

Soybean futures settled lower on Wednesday. Strong post elections sell offs in the stock and crude oil markets added to the downward pressure already surrounding the soy complex. On Thursday futures were trading higher, rebounding after a rough day of trade on Wednesday.

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