Corn exports dip slightly

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According to the USDA latest U.S. Export Sales report, corn exports of 664,600 Metric Tons (MT) were down 5 percent from last week and 19 percent from the 4-week average.  The primary destinations were Mexico (332,000 MT), Japan (187,800 MT), South Korea (65,100 MT), Honduras (19,800 MT), El Salvador (17,200 MT), and Guatemala (11,500 MT).

Net sales of 1,331,900 MT were up noticeably from the previous week and 87 percent from the prior 4-week average.  Increases were reported for unknown destinations (509,500 MT), Japan (357,500 MT, including 38,500 MT switched from unknown destinations and decreases of 1,200 MT), China (214,000 MT), Mexico (104,500 MT, including 30,500 MT switched from unknown destinations and decreases of 64,200 MT), Venezuela (62,000 MT), and South Korea (55,300 MT).  

Decreases were reported for Guatemala (7,900 MT) and the French West Indies (3,800 MT).  Net sales of 2,140,300 MT for the 2012/2013 marketing year were reported primarily for unknown destinations (1,920,000 MT) and China (172,500 MT).  

Optional Origin Sales:   For MY 2011/2012, options were exercised to export corn to Mexico (30,000 MT) from the United States.  For MY 2012/2013, optional origin outstanding sales total 330,000 MT, all Mexico.  

Corn futures closed lower on Wednesday as favorable crop prospects across much of the Midwest pressured prices. On Thursday futures opened mixed.

  Sales 1,331,862 645,593 686,269
Average 713,943 623,742 743,039
High 1,331,862 1,331,862 1,331,862
Low 130,718 130,718 130,718

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