USDA: Corn, soybean exports dip slightly

According to the USDA’s latest U.S. Export Sales report, corn net sales of 142,300 metric tons (MT) for the 2012-2013 marketing year were down 15 percent from last week but up 14 percent from the 4-week average. 

Increases reported for Japan (131,200 MT, including 15,700 MT switched from unknown destinations and decreases of 4,000 MT), South Korea (62,000 MT), Mexico (26,300 MT, including 30,500 MT switched from unknown destinations and decreases of 7,100 MT), and Cuba (25,000 MT), were partially offset by decreases for China (120,300 MT). 

Exports of 290,000 MT were down 31 percent from the previous week and 43 percent for the prior 4-week average.  The primary destinations were to Japan (108,600 MT), South Korea (57,200 MT), Mexico (47,800 MT), Venezuela (25,000 MT), and El Salvador (20,500 MT).

Optional Origin Sales:   For MY 2012/2013, new optional origin sales totaling 65,000 MT were reported for South Korea.  Outstanding optional origin sales total 450,000 MT, and are for Mexico (330,000 MT), and South Korea (120,000 MT).

Corn futures closed lower on Wednesday despite strength in the other grains markets after initially moving higher during the overnight session on support from firm gains in the soybean markets. On Thursday futures traded slightly below unchanged.

The report also showed that soybean net sales of 522,200 MT for the 2012/2013 marketing year were unchanged from the previous week and down 33 percent from the prior 4-week average.

 Increases were reported for China (274,300 MT), Taiwan (129,800 MT, including 113,000 MT switched from China), Germany (97,100 MT, including 91,500 MT switched from unknown destinations), Thailand (72,500 MT, including 60,000 MT switched from China), Mexico (70,500 MT), and Turkey (54,000 MT).  Decreases were reported for unknown destinations (303,400 MT). 

Exports of 1,641,600 MT were up 12 percent from the previous week and 58 percent from the prior 4-week average.  The primary destinations were to China (1,135,900 MT), Germany (97,100 MT), Taiwan (89,200 MT), Mexico (82,700 MT), and Thailand (75,600 MT).  

Exports for Own Account:  Exports for own accounts totaling 25,400 MT were reported to Canada.  The current exports for own account balance is 74,200 RB, all Canada.

Soybean futures closed on Wednesday with double digit gains, which is contrary to the corn market. On Thursday futures traded mixed with pressure building in the early 2013 contracts.

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