USDA: Corn, soybean sales begin climbing

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According to the USDA's latest U.S. Export Sales report, corn net sales of 192,900 metric tons (MT) were up 13 percent from last week and 10 percent from the 4-week average.  

Increases reported for Japan (135,900 MT, including 22,100 MT switched from unknown destinations and decreases of 8,300 MT), Mexico (77,000 MT, including 61,000 MT switched from unknown destinations and decreases of 7,700 MT), Panama (18,500 MT), China (6,400 MT), and Canada (5,800 MT), were partially offset by decreases for unknown destinations (57,600 MT). 

Net sales of 99,900 MT for the 2012/2013 marketing year were reported primarily for China (60,000 MT) and Japan (32,200 MT).  Exports of 665,400 MT were down 7 percent from the previous week and 1 percent from the prior 4-week average. 

The primary destinations were Japan (201,500 MT), Mexico (145,000 MT), China (134,700 MT), Taiwan (73,300 MT), Venezuela (35,000 MT), and Cuba (26,100 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 570,000 MT, all Mexico.

Corn futures closed 3 to 9 cents higher on Wednesday on dry and hot weather forecasts. On Thursday futures opened 10 to 11 cents higher.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 192,886 171,434 21,452
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 359,420 550,617 569,936
High 1,331,862 1,331,862 1,331,862
Low 92,109 92,109 92,109
 
 
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The report also showed that soybean net sales of 403,900 MT were up noticeably from last week and 57 percent from the 4-week average.  

Increases were primarily for China (115,900 MT), unknown destinations (107,000 MT), Thailand (60,000 MT), Japan (25,800 MT, including 27,000 MT switched from unknown destinations and decreases of 1,900 MT), Malaysia (24,900 MT, including 24,000 MT switched from unknown destinations), and Germany (23,500 MT).  Net sales of 389,200 MT for delivery in the 2012/2013 marketing year were primarily for China (285,000 MT) and unknown destinations (55,000 MT).  

Exports of 254,600 MT were reported primarily to China (54,600 MT), Mexico (31,700 MT), Japan (29,700 MT), Malaysia (24,700 MT), Canada (23,800 MT), and Germany (23,500 MT).  

NOTE:  Accumulated exports were adjusted down for the Netherlands (23,500 MT).

Soybean futures closed mixed on Wednesday, declining after midsession as weather forecasts adjusted. On Thursday futures traded 1/2 to 3 cents higher early morning after losing momentum in the overnight session.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 403,907 163,807 240,100
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 486,076 535,093 540,142
High 926,225 1,159,407 1,159,407
Low 163,807 163,807 163,807
 
 
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