Exports: Corn continues to climb

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According to the USDA’s latest U.S. Export Sales report, corn net sales of 354,300 MT for the 2012-2013 marketing year were up 20 percent from last week and up noticeably from the 4-week average. 

Increases reported for Japan (202,400 MT, including 141,600 MT switched from unknown destinations and decreases of 8,500 MT), Mexico (163,200 MT), China (109,000 MT, including 120,000 MT switched from unknown destinations and decreases of 11,000 MT), Venezuela (52,000 MT), Guatemala (15,900 MT, including 12,500 MT switched from unknown destinations), and Taiwan (15,600 MT), were partially offset by decreases for unknown destinations (231,200 MT). 

Net sales of 33,000 MT for the 2013/2014 marketing year were for Mexico.  Exports of 565,900 MT were up 47 percent from the previous week and 43 percent from the prior 4-week average.  The primary destinations were Japan (216,700 MT), China (109,000 MT), Mexico (104,100 MT), Venezuela (55,000 MT), and Taiwan (20,300 MT).

On Wednesday, corn futures help up well despite big losses in the financial, energy and metal markets, with modest gains reported despite increase production estimates for China, Brazil and Argentina. Futures declined early Thursday morning as news that a large corn tender from a South Korean firm will be sourced from South America, thereby suggesting U.S. corn remains uncompetitive on the international market. May corn slipped 2.0 cents to $6.395/bushel in early morning action, while December dipped 0.5 cent to $5.39.

 

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 354,293 295,148 59,145
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 246,637 208,382 212,627
High 361,826 769,756 393,341
Low 92,194 4,232 -49,809
 
 
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The report also showed that soybean net sales of 392,700 MT for the 2012-2013 marketing year were up noticeably from last week and up 37 percent from the 4-week average. 

Increases were reported for China (138,400 MT), Mexico (132,200 MT), Germany (54,400 MT), unknown destinations (19,700 MT), and Japan (13,400 MT, including 9,000 MT switched from unknown destination).  Net sales of 355,100 MT for delivery in the 2013/2014 marketing year were primarily for China (354,000 MT). 

Exports of 473,600 MT were down 17 percent from the previous week and 27 percent from the prior 4-week average.  The primary destinations were China (260,500 MT), Mexico (64,400 MT), Germany (54,400 MT), Indonesia (30,100 MT), Japan (29,500 MT), Taiwan (23,500 MT), and Vietnam (8,600 MT).

On Wednesday, soybean futures diverged rather dramatically from wheat and corn gains. Talk that Brazilian logistical problems are easing and the flow of beans to the global markets is accelerating was one factor dragging the legume market downward, but traders were also concerned about the strength of future Chinese demand as that country deals with a fresh ‘bird flu’ scare. Futures continued to slip overnight, feeling downward pressure from South American markets.  May soybeans fell 1.5 cents to $13.7875/bushel in pre-dawn Thursday trading, while May soyoil rose 0.07 cents to 49.22 cents/pound, whereas May meal declined $1.2 to $396.8/ton.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 392,664 66,355 326,309
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 419,883 578,768 436,378
High 896,166 1,608,774 1,608,774
Low 66,355 66,355 -119,526
 
 
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