Exports: Corn sales dip 54 percent

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According to the USDA's latest U.S. Export Sales report, corn net sales of 156,100 metric tons (MT) were down 54 percent from last week and 75 percent from the 4-week average.  

Increases reported for China (255,000 MT, including 180,000 MT switched from unknown destinations), Mexico (54,900 MT, including 30,500 MT switched from unknown destinations and decreases of 3,800 MT), Venezuela (30,000 MT), Costa Rica (25,300 MT, switched from unknown destinations and decreases of 1,800 MT), and Guatemala (12,300 MT), were partially offset by decreases for unknown destinations (161,500 MT), Egypt (60,000 MT), and Japan (15,000 MT).  

Net sales of 325,900 MT for the 2012/2013 marketing year were reported primarily for China (703,600 MT) and South Korea (55,300 MT).  Decreases were reported for unknown destinations (439,400 MT).  

Exports of 689,300 MT were up 3 percent from the previous week and 1 percent from the prior 4-week average.  The primary destinations were Japan (261,800 MT), Mexico (201,500 MT), China (68,100 MT), South Korea (50,100 MT), Costa Rica (25,300 MT), and Taiwan (22,800 MT).

Optional Origin Sales:   For MY 2012/2013, outstanding optional origin sales total 570,000 MT, all Mexico.

Corn futures closed 2 to 7 cents higher on Wednesday despite pressure from the outside market. On Thursday futures opened 1 to 4 cents higher, holding on to gains amid weakness in the soybean and wheat markets on Wednesday.

  Sales 156,122 339,423 -183,301
Average 588,717 610,274 667,572
High 1,331,862 1,331,862 1,331,862
Low 130,718 130,718 130,718

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