USDA: Soybean sales set marketing-year low again

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The USDA reported in its latest U.S. Exports Sales report that corn net sales of 122,800 metric tons (MT) for the 2011-2012 marketing year were down 30 percent from last week, but up 31 percent from the 4-week average.  

Increases reported for Japan (74,600 MT, including 73,300 MT switched from unknown destinations and decreases of 800 MT), China (59,200 MT, including 60,000 MT switched from unknown destinations and decreases of 8,700 MT), Venezuela (54,500 MT), Mexico (23,800 MT), and Costa Rica (15,900 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (123,800 MT).  Net sales of 130,600 MT for delivery in the 2012/2013 marketing year were primarily for Mexico (72,100 MT), Japan (48,400 MT), and Taiwan (23,500 MT).  

Decreases were reported for Colombia (20,000 MT), Costa Rica (5,700 MT), and Panama (3,800 MT).  

Exports of 632,900 MT were up 33 percent from the previous week and 12 percent from the prior 4-week average.  The primary destinations were China (261,100 MT), Mexico (119,700 MT), Japan (115,100 MT), Venezuela (63,000 MT), Honduras (18,100 MT), and Costa Rica (15,900 MT).

Optional Origin Sales: For MY 2012/2013, optional origin sales for Mexico (90,000 MT) were exercised to export from other than the United States. Outstanding optional origin sales total 300,000 MT, all Mexico.   

Corn futures closed 13 to 14 cents higher on Wednesday, finishing higher as soybean futures soared and buying.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 122,782 174,700 -51,918
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 127,456 434,364 466,846
High 192,886 1,331,862 1,331,862
Low 19,274 19,274 -9,113
 
 
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The report also showed that soybean net sales of 97,200 MT for the 2011/2012 marketing year--a marketing-year low--resulted as increases for China (121,100 MT, including 115,000 MT switched from unknown destinations and decreases of 4,300 MT), Indonesia (74,200 MT, including 68,000 MT switched from unknown destinations), Vietnam (71,700 MT, including 61,200 MT switched from unknown destinations), Japan (58,900 MT, including 25,500 MT switched from unknown destinations)and Taiwan (9,000 MT), were partially offset by decreases for unknown destinations (245,500 MT).  

Net sales of 924,600 MT for delivery in the 2012/2013 marketing year were primarily for China (585,000 MT), unknown destinations (143,800 MT), and Taiwan (75,500 MT). Exports of 470,300 MT were up 31 percent from the previous week and 11 percent from the prior 4-week average.  

The primary destinations were China (241,800 MT), Indonesia (77,300 MT), Vietnam (71,800 MT), Japan (28,300 MT), Mexico (19,700 MT), and Taiwan (8,500 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 55,000 MT, all China.  

Soybean futures closed 36 to 39 cents higher on Wednesday as the general supply/demand fundamentals kept the market securely underpinned.

REPORT THIS WEEK LAST WEEK DIFFERENCE
  Sales 97,209 105,159 -7,950
 
SALES 10 WEEKS 27 WEEKS THIS YEAR
Average 234,850 446,535 464,353
High 425,056 1,159,407 1,159,407
Low 97,209 97,209 97,209
 
 
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