Corn exports plunge 51 percent
The USDA's latest U.S. Export Sales report showed that corn exports of 508,100 MT were down 51 percent from last week and 40 percent from the 4-week average. The primary destinations were to Mexico (199,200 MT), Japan (154,100 MT), Cuba (27,500 MT), Honduras (19,500 MT), Colombia (18,500 MT), and Egypt (18,200 MT).
Corn net sales of 862,100 MT for the 2011/2012 marketing year included increases for Japan (475,800 MT, including 85,400 MT switched from unknown destinations), unknown destinations (149,300 MT), Mexico (127,500 MT, including 67,400 MT switched from unknown destinations and decreases of 17,200 MT), Cuba (27,500 MT, including 25,000 MT switched from unknown destinations), Venezuela (22,500 MT), and Taiwan (18,200 MT). Decreases were reported for the Dominican Republic (2,700 MT). Net sales of 55,000 MT for delivery in the 2012/2013 marketing year were reported for unknown destinations.
Corn futures closed lower on Wednesday as technical selling weighed due to the lack of bullish news to support the market. On Thursday futures were called 2 to 3 cents lower as Ooutside market pressure and technical selling are weighing on the market.