Corn exports dip this week
According to the latest U.S. Export Sales report, corn exports of 700,200 metric tons (MT) were down 37 percent from last week and 13 percent from the 4-week average. The primary destinations were Mexico (236,700 MT), Japan (192,500 MT), China (66,800 MT), Saudi Arabia (63,200 MT), Egypt (39,100 MT), and Venezuela (34,000 MT).
Net sales of 645,600 MT were up noticeably from the previous week and 11 percent from the prior 4-week average. Increases were reported for Japan (356,700 MT, including 82,700 MT switched from unknown destinations and decreases of 3,100 MT), unknown destinations (79,000 MT), South Korea (63,200 MT), Mexico (47,800 MT), China (37,300 MT), and Canada (15,400 MT). Net sales of 180,600 MT for the 2012/2013 marketing year were reported primarily for unknown destinations (180,000 MT).
Optional Origin Sales: For MY 2011/2012, no new corn optional origin sales. Options were exercised to export to Mexico (30,000 MT) from the United States. Optional origin outstanding sales total 30,000 MT, all Mexico. For MY 2012/2013, optional origin outstanding sales total 330,000 MT, all Mexico.
Corn futures closed lower on Wednesday as additional export sales were announced. On Thursday futures opened steady to a nickel higher.