Corn sales tumble 83 percent
According to the USDA's U.S. Export Sales report, corn net sales of 224,200 metric tons (MT) were down 83 percent from the previous week and 72 percent from the prior 4-week average. Increases were reported for Japan (195,100 MT, including 87,300 MT switched from unknown destinations and decreases of 15,900 MT), Mexico (115,100 MT, including 67,400 MT switched from unknown destinations and decreases of 22,500 MT), South Korea (61,400 MT), Venezuela (19,000 MT, switched from Panama), Guatemala (16,700 MT, including 22,600 MT switched from unknown destinations and decreases of 5,900 MT), and Taiwan (16,500 MT).
Decreases were reported for unknown destinations (153,000 MT), China (60,000 MT), and Panama (19,000 MT). Net sales of 249,200 MT for the 2012/2013 marketing year were reported primarily for unknown destinations (130,000 MT) and South Korea (116,000 MT).
Exports of 696,900 MT were up 5 percent from last week but down 11 percent from the 4-week average. The primary destinations were Mexico (215,500 MT), Japan (198,300 MT), Venezuela (76,000 MT), South Korea (67,500 MT), Egypt (50,400 MT), and Costa Rica (32,600 MT).
Corn futures ended Wednesday lower as renewed concern over the EU debt situation weighed on prices. As of 6:45 CDT on Thursday, futures were trading higher in anticipation of the USDA's WASDE report.