Corn exports up 13 percent from last week

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According to the USDA's latest U.S. Export Sales report, corn exports of 776,300 MT were up 13 percent from last week, but down 8 percent from the 4-week average.  The primary destinations were to Japan (287,800 MT), Mexico (245,500 MT), China (64,300 MT), Venezuela (56,100 MT), Guatemala (35,000 MT), and the Dominican Republic (18,500 MT).

Corn net sales of 840,800 MT for the 2011/2012 marketing year resulted as increases for Japan (314,600 MT, including 24,600 MT switched from unknown destinations and decreases of 20,400 MT), South Korea (305,300 MT), Mexico (135,100 MT), Venezuela (40,000 MT), Guatemala (35,000 MT, switched from unknown destinations), and Taiwan (28,700 MT), were partially offset by decreases for Canada (42,700 MT), unknown destinations (17,100 MT), and Costa Rica (6,000 MT).  

Corn futures closed mixed on Thursday bull-spreading supported old-crop futures slightly and weighed on new-crop as USDA’s Outlook Conference upheld the baseline forecast for 94 million acres of corn in 2012, up from 91.9 million from last year. On Friday futures opened 3 to 4 cents lower.

  Sales 840,768 1,005,851 -165,083
Average 682,546 790,050 784,605
High 1,005,851 3,616,287 1,005,851
Low 299,464 208,948 321,466

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