USDA: Corn exports up 16 percent
According to the USDA's latest Export Sales report, corn exports of 753,800 MT were up 1 percent from the previous week, but down 16 percent from the prior 4-week average.
The primary destinations were to Mexico (244,700 MT), Japan (205,200 MT), China (137,700 MT), South Korea (68,500 MT), Taiwan (51,900 MT), and Cuba (27,400 MT).
Corn net sales of 759,900 MT for the 2011/2012 marketing year resulted as increases for Mexico (388,900 MT), South Korea (189,200 MT,), China (132,200 MT, including 139,900 MT switched from unknown destination and decreases of 7,800 MT), Japan (124,900 MT, including 48,800 MT switched from unknown destinations and decreases of 14,500 MT), Venezuela (78,900 MT), and Cuba (52,400 MT, including 25,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (142,400 MT), Colombia (49,300 MT), Costa Rica (39,100 MT), and Guatemala (21,000 MT).
Corn futures closed strongly higher on Thursday as the market was supported by weakness in the dollar index and strength in the stock market amid optimism over the European debt situation and the U.S. weekly jobless report coming in at the lowest level in nearly four years. On Friday corn futures opened 1 to 2 cents lower and were trading mixed at midsession.