U.S. Exports: Corn sales drop
According to the USDA's latest U.S. Export Sales report, corn net sales of 504,700 MT for the 2011/2012 marketing year resulted as increases for Mexico (315,300 MT, including 6,900 MT switched from unknown destination and decreases of 35,000 MT), Japan (251,000 MT, including 105,300 MT switched from unknown destinations and decreases of 5,800 MT), China (123,700 MT, including 126,700 MT switched from unknown destinations and decreases of 3,000 MT), El Salvador (29,300 MT, including 17,800 MT switched from unknown destinations), Guatemala (20,700 MT, including 18,800 MT switched from unknown destinations), and Taiwan (18,100 MT), were partially offset by decreases for unknown destinations (273,300 MT), the Dominican Republic (19,300 MT), and the French West Indies (7,800 MT).
Net sales of 1,200 MT for delivery in 2012/2013 were reported for South Korea (700 MT) and Mexico (500 MT). Exports of 886,900 MT were down 14 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were to Japan (296,400 MT), South Korea (172,100 MT), Mexico (124,500 MT), China (123,700 MT), the Dominican Republic (37,500 MT), and Taiwan (26,600 MT).
Corn futures closed solidly lower on Wednesday. On Thursday corn opened slightly higher.