Exports: Corn climbs, soybeans set a marketing-year high

According to the USDA’s latest U.S. Export Sales report, corn net sales of 258,900 metric tons (MT) for the 2012-2013 marketing year were up noticeably from last week, but down 10 percent from the 4-week average. 

Increases reported for Mexico (82,700 MT), Japan (72,300 MT, including 26,000 MT switched from unknown destinations), Colombia (40,000 MT), Taiwan (32,200 MT), Venezuela (10,000 MT, switched from unknown destinations), and unknown destinations (6,700 MT), were partially offset by decreases for the French West Indies (4,100 MT).  Net sales of 13,700 MT for delivery in the 2013/2014 marketing year were for Japan.  Exports of 258,400 MT were down 12 percent from the previous week and 20 percent for the prior 4-week average.  The primary destinations were Japan (143,500 MT), Mexico (84,400 MT), Venezuela (10,000 MT), Honduras (4,700 MT), Jamaica (4,600 MT), and Guyana (4,500 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 213,200 MT, and are for South Korea (163,200 MT), Israel (20,000 MT), and Mexico (30,000 MT).

Corn futures extended their moderate losses from Tuesday’s WASDE report during the Wednesday CBOT session. On Thursday futures continued their early-week losses.

The report also showed that soybean net sales of 1,319,400 MT for the 2012-2013 marketing year--a marketing-year high--were up 16 percent from last week and up noticeably from the 4-week average.

 Increases reported for China (1,008,800 MT, including 180,000 MT switched from unknown destinations and decreases of 124,100 MT), Mexico (90,400 MT), Egypt (68,500 MT), the United Kingdom (60,500 MT, including 55,000 MT switched from unknown destinations), and Japan (27,500 MT), were partially offset by decreases for Turkey (2,800 MT).  Exports of 1,159,200 MT were down 25 percent from the previous week and 30 percent from the prior 4-week average.  The primary destinations were China (892,400 MT), Mexico (92,400 MT), the United Kingdom (60,500 MT), Turkey (30,500 MT), and Taiwan (18,000 MT).  

Exports for Own Account:  The current exports for own account balance is 9,500 RB, all Canada.

After having recently performed relatively well in response to excessive rainfall over sizeable portions of Argentine growing areas, soybean futures seemingly proved vulnerable to a change in the weather. On Thursday nearby January CBOT soybean futures inched higher again overnight.

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