August 9, 2013
US 2012-13 corn, soy sales soar
The USDA''s latest "US Export Sales" report shows corn net sales of 290,100 tonnes for 2012-13, which is more than double last week''s report of 133,967 tonnes and 42% higher than the 10-week average.
These sales resulted as increases for Japan (169,000 tonnes, including 44,400 tonnes switched from unknown destinations and decreases of 9,000 tonnes), Saudi Arabia (69,700 tonnes, including 65,000 tonnes switched from unknown destinations), Venezuela (66,500 tonnes), Panama (28,000 tonnes), and Honduras (22,300 tonnes), were partially offset by decreases for unknown destinations (101,200 tonnes).
Net sales of 220,900 tonnes for 2013-14 were primarily for Mexico (96,400 tonnes), unknown destinations (53,300 tonnes), Japan (30,300 tonnes), and Colombia (21,700 tonnes). Exports of 430,400 tonnes were up 31% from the previous week and 39% from the prior four-week average. The primary destinations were Japan (212,200 tonnes), Saudi Arabia (69,700 tonnes), Mexico (67,000 tonnes), and Venezuela (46,500 tonnes).
Cornfutures initially rebounded from three-year lows in overnight trading before giving them – and a bit more – back during the Wednesday (Jul 31) CBOT session. Prospects for a huge US crop this fall weighed on prices. Futures rose moderately in early Thursday (Aug 1) trading, though the looming release of the monthly Crop Production and WASDE reports next Monday (Aug 12) may be encouraging short covering. September corn gained US$0.045 to US$4.7275/bushel early Thursday morning, while December climbed US$0.425 to US$4.625.
The report also showed soynet sales of 79,400 tonnes for 2012-13 were up 1% from the previous week and 29% from the prior four-week average. Increases reported for Indonesia (23,700 tonnes), Taiwan (16,400 tonnes), Malaysia (10,000 tonnes), Japan (10,000 tonnes), and Thailand (8,000 tonnes). Net sales of 1,017,600 tonnes for 2013-14 were primarily for unknown destinations (525,000 tonnes), China (381,000 tonnes), and Egypt (60,000 tonnes).
Decreases were reported for Thailand (22,500 tonnes). Exports of 49,500 tonnes--a marketing-year low--were down 36% from the previous week and 45% from the prior four-week average. The primary destinations were Japan (18,800 tonnes), Mexico (10,600 tonnes), Vietnam (7,600 tonnes), Colombia (5,200 tonnes), and Taiwan (4,300 tonnes).
The report also showed soy net sales of 79,400 tonnes for 2012-13 were up 1% from the previous week and 29% from the prior four-week average. Increases reported for Indonesia (23,700 tonnes), Taiwan (16,400 tonnes), Malaysia (10,000 tonnes), Japan (10,000 tonnes), and Thailand (8,000 tonnes). Net sales of 1,017,600 tonnes for 2013-14 were primarily for unknown destinations (525,000 tonnes), China (381,000 tonnes), and Egypt (60,000 tonnes).
Decreases were reported for Thailand (22,500 tonnes). Exports of 49,500 tonnes--a marketing-year low--were down 36% from the previous week and 45% from the prior four-week average. The primary destinations were Japan (18,800 tonnes), Mexico (10,600 tonnes), Vietnam (7,600 tonnes), Colombia (5,200 tonnes), and Taiwan (4,300 tonnes).