USDA: Corn exports remain steady for third week

According to the USDA’s latest U.S. Export Sales report, corn net sales of 167,900 metric tons (MT) for the 2012-2013 marketing year were up 18 percent from last week and 5 percent from the 4-week average. 

Increases reported for Japan (181,100 MT, including 71,300 MT switched from unknown destinations and decreases of 5,000 MT), Mexico (62,900 MT), Taiwan (27,100 MT), Cuba (25,000 MT), and Venezuela (22,500 MT), were partially offset by decreases for unknown destinations (124,500 MT) and China (60,900 MT).  Exports of 388,400 MT were up 34 percent from the previous week, but down 6 percent for the prior 4-week average. 

The primary destinations were to Japan (204,400 MT), Mexico (78,600 MT), China (60,900 MT), Jamaica (15,600 MT), and El Salvador (9,300 MT).

Optional Origin Sales:   For MY 2012/2013, options were exercised to export corn to Mexico (30,000 MT) from the United States.  Options were exercised to export corn to Mexico (270,000 MT) from other than the United States.  Outstanding optional origin sales total 150,000 MT, and are for Mexico (30,000 MT), and South Korea (120,000 MT).

Corn futures settled lower on Thursday as spillover support from the soybean market was not enough to keep corn futures afloat. On Friday futures were trading lower, giving back portions of yesterday’s gains on profit taking and export demand worries.

The report also showed that soybean net sales of 741,200 MT for the 2012-2013 marketing year were up 42 percent from last week and 4 percent from the 4-week average.

 Increases were reported for China (382,600 MT, including 173,000 MT switched from unknown destinations and decreases of 25,600 MT), unknown destinations (214,500 MT), Thailand (65,000 MT, including 60,000 MT switched from unknown destinations), Indonesia (46,000 MT), Mexico (44,800 MT), and Japan (28,100 MT, including 15,000 MT switched from unknown destinations and decreases of 1,100 MT).  Decreases were reported for Canada (63,100 MT) and the Netherlands (24,300 MT). 

Net Sales of 19,400 MT for delivery in the 2013/2014 marketing year were for Japan.   Exports of 1,713,400 MT were up 4 percent from the previous week and 25 percent from the prior 4-week average.  The primary destinations were to China (1,257,200 MT), Thailand (75,000 MT), Mexico (73,300 MT), Indonesia (73,200 MT), and Japan (61,200 MT).

Exports for Own Account:  Exports for own accounts totaling 28,000 MT were reported to Canada.  Exports for own account totaling 35,700 MT to Canada were applied to new or outstanding sales.  The current exports for own account balance is 66,600 MT, all Canada.

Soybean futures settled higher on Thursday with support production concerns in Argentina and export demand optimism. On Friday futures were trading lower, easing back as the market prepares on profit taking and long liquidation.

1. Will Smith dethroned in latest Peterson Farm Bros. parody
2. U.S. 2012/13 corn export prospects cut as global trade boosted
3. Feed grain supply prospects lowered on delayed plantings
4. Corn conditions a tad better than last year
5. Brent crude oil dips before U.S. Fed meeting
6. Grain markets proved mixed on Monday

1. Cattle crush Calif. dairy worker
2. Uncertainty hangs over milk futures market
3. Chobani pushes back against UK Greek yogurt ban
4. Will Smith dethroned in latest Peterson Farm Bros. parody
5. WASDE: Corn price outlook lowered
6. Bush criticizes Farm Bill

1. Commentary: On the meaning of ‘natural’
2. Commentary: Clueless consumers
3. Commentary: Why should we care about the farm bill?