Corn exports drop 37 percent

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The USDA's latest U.S. Export Sales report showed that corn exports of 686,000 MT were down 37 percent from last week and 21 percent from the 4-week average.  The primary destinations were to Mexico (185,200 MT), Japan (127,800 MT), Venezuela (79,000 MT), South Korea (72,600 MT), China (65,000 MT), and Cuba (54,800 MT).

Corn net sales of 1,005,900 MT for the 2011/2012 marketing year resulted as increases for Mexico (415,300 MT), Egypt (240,000 MT), Japan (109,700 MT, including 30,100 MT switched from unknown destinations and decreases of 9,400 MT), Taiwan (100,000 MT), Cuba (54,800 MT, including 25,000 MT switched from unknown destinations), and South Korea (49,500 MT), were partially offset by decreases for unknown destinations (21,100 MT), Trinidad (4,900 MT), and the French West Indies (3,400 MT).  Net sales of 61,500 MT for delivery in the 2012/2013 marketing year were reported for Mexico.  

Corn futures closed lower on Wednesday as technical selling and long liquidation weighed on the market. On Thursday futures opened 1 to 2 cents lower. 

  Sales 1,005,851 694,106 311,745
Average 648,939 767,077 775,244
High 1,005,851 3,616,287 1,005,851
Low 299,464 208,948 321,466

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