Exports: Corn sales set 10-week low

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Corn net sales dipped this week, falling by 24,730 MT to 81,500 MT, according to the USDA’s latest “U.S. Export Sales” report released on Thursday. This is a 10-week low and 23 percent lower than the yearly average.

This drop resulted as increases for Japan (56,700 MT, including 31,700 MT switched from unknown destinations and decreases of 4,500 MT), Venezuela (17,500 MT, including 10,500 MT switched from unknown destinations), Mexico (16,800 MT), and Jamaica (8,600 MT), were partially offset by decreases for unknown destinations (36,000 MT) and Panama (4,000 MT). 

Corn net sales of 68,000 MT for 2013/2014 were for Mexico (44,600 MT), Japan (18,200 MT), China (7,800 MT), Taiwan (4,000 MT) and South Korea (600 MT).  Decreases were reported for Trinidad (7,200 MT).  Exports of 232,800 MT were down 35 percent from the previous week and 27 percent from the prior 4-week average.  The primary destinations were Japan (80,800 MT), Mexico (78,000 MT), Venezuela (51,500 MT), and Trinidad (7,700 MT). 

On Wednesday corn futures reacted poorly the USDA’s “World Agricultural Supply and Demand Estimates” report, which raised the anticipated 2012-2013 carryout, but cut the forecast for 2013-2014. Overnight the grain markets were narrowly mixed, with differences in old and new crop prospects seeming to affect corn futures. The persistent tightness of the 2012-2013 situation seemingly supported nearby July futures, whereas expectations for much larger new crop production seemingly weighed upon deferred contracts. July corn futures were unchanged at $6.5075/bushel early Thursday morning, while December skidded 0.25 cent to $5.3725.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 81,499 107,230 -25,731
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 194,426 201,352 204,714
High 400,347 400,347 400,347
Low 81,499 12,622 -49,809
 
 
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Soybean net sales also dropped slightly from last week’s momentary rebound. The USDA reported soybean net sales of 33,500 MT that resulted as increases for Japan (29,100 MT, including 18,000 MT switched from unknown destinations and decreases of 1,000 MT), Mexico (9,600 MT), Vietnam (7,000 MT), Taiwan (6,400 MT), and Israel (2,200 MT), were partially offset by decreases for unknown destinations (18,000 MT) and Indonesia (5,500 MT). 

Net sales of 447,100 MT for 2013/2014 were primarily for China (407,200 MT) and Mexico (32,800 MT).  Decreases were reported for Taiwan (4,000 MT).  Exports of 128,800 MT were up 5 percent from the previous week and 2 percent from the prior 4-week average.  The primary destinations were Japan (43,700 MT), Mexico (40,600 MT), Israel (11,700 MT), Indonesia (8,800 MT), and Vietnam (8,200 MT). 

The WASDE report, unlikely corn, held very few surprises for soybean traders on Wednesday. The soybean and meal prices declined rather substantially overnight. Little real news concerning the legume market was published in the early morning hours, indicating that the weakness is largely technical in nature. July soybean futures fell 9.5 cents to $15.3125/bushel in early Thursday price action, while July soyoil rallied 0.11 cents to 48.22 cents/pound, and July soybean meal dipped $2.0 to $459.4/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 33,544 48,449 -14,905
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 101,298 401,945 277,478
High 339,402 1,608,774 1,608,774
Low 15,304 15,304 -206,312
 
 
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