(AgProfessional) – Corn net sales spent July on a roller coaster of sales, and sales have spent August steadily climbing. The USDA’s latest “U.S. Export Sales” report shows corn net sales of 290,100 metric tons (MT) for 2012-2013. This is more than double last week’s report of 133,967 MT and 42 percent higher than the 10-week average.
These sales resulted as increases for Japan (169,000 MT, including 44,400 MT switched from unknown destinations and decreases of 9,000 MT), Saudi Arabia (69,700 MT, including 65,000 MT switched from unknown destinations), Venezuela (66,500 MT), Panama (28,000 MT), and Honduras (22,300 MT), were partially offset by decreases for unknown destinations (101,200 MT).
Net sales of 220,900 MT for 2013/2014 were primarily for Mexico (96,400 MT), unknown destinations (53,300 MT), Japan (30,300 MT), and Colombia (21,700 MT).
Exports of 430,400 MT were up 31 percent from the previous week and 39 percent from the prior 4-week average. The primary destinations were Japan (212,200 MT), Saudi Arabia (69,700 MT), Mexico (67,000 MT), and Venezuela (46,500 MT).
Corn futures initially rebounded from three-year lows in overnight trading before giving them – and a bit more – back during the Wednesday CBOT session. Prospects for a huge U.S. crop this fall weighed on prices. Futures rose moderately in early Thursday trading, though the looming release of the monthly Crop Production and WASDE reports next Monday may be encouraging short covering. September corn gained 4.5 cents to $4.7275/bushel early Thursday morning, while December climbed 4.25 cents to $4.625.
The report also showed soybean net sales of 79,400 MT for 2012-2013 were up 1 percent from the previous week and 29 percent from the prior 4-week average.
Increases reported for Indonesia (23,700 MT), Taiwan (16,400 MT), Malaysia (10,000 MT), Japan (10,000 MT), and Thailand (8,000 MT). Net sales of 1,017,600 MT for 2013/2014 were primarily for unknown destinations (525,000 MT), China (381,000 MT), and Egypt (60,000 MT).
Decreases were reported for Thailand (22,500 MT). Exports of 49,500 MT–a marketing-year low–were down 36 percent from the previous week and 45 percent from the prior 4-week average. The primary destinations were Japan (18,800 MT), Mexico (10,600 MT), Vietnam (7,600 MT), Colombia (5,200 MT), and Taiwan (4,300 MT).
The soy complex was mixed on Wednesday as old-crop tightness boosted the meal market, but renewed palm oil weakness apparently sparked fresh selling in the soyoil pit. The complex rallied into Thursday morning, and experts suggest that the bean market is probably due for a rebound in the wake of recent losses.
News that China imported 7.2 million tonnes of beans during July also seemed quite supportive, as did overnight news concerning the vegetable oil markets. September soybeans jumped 16.75 cents to $12.1575/bushel around sunrise Thursday, while November beans surged 11.25 cents to $11.77. September soyoil added 0.31 cents to 42.05 cents/pound, while September soymeal advanced $6.4 to $383.4/ton.
