Corn exports climb 63 percent
According to the USDA's latest U.S. Export Sales report, corn exports of 1,088,900 MT were up 63 percent from the previous week and 40 percent from the 4-week average. The primary destinations were to Japan (437,100 MT), Mexico (253,600 MT), China (118,900 MT), South Korea (76,600 MT), Venezuela (63,200 MT), and the Dominican Republic (35,500 MT).
Corn net sales of 694,100 MT for the 2011/2012 marketing year resulted as increases for Japan (351,800 MT, including 147,600 MT switched from unknown destinations and decreases of 12,200 MT), Mexico (232,100 MT, including 37,500 MT switched from unknown destinations and decreases of 8,600 MT), China (118,900 MT, including 105,700 MT switched from unknown destinations), Venezuela (89,300 MT, including 5,000 MT switched from unknown destinations and decreases of 1,300 MT), South Korea (55,000 MT), and Guatemala (20,100 MT, including 15,200 MT switched from unknown destinations and 2,500 MT switched from Nicaragua), were partially offset by decreases for unknown destinations (220,600 MT). Net sales of 63,700 MT for delivery in the 2012/2013 marketing year were reported for Cuba (50,000 MT), Japan (38,300 MT), and unknown destinations (25,400 MT). Decreases were reported for China (50,000 MT).
Corn futures closed mixed on Wednesday. On Thursday futures opened steady sd USDA reports were neutral for the market.