U.S. corn exports dip a bit
According to the USDA's latest U.S. Export report, corn exports of 769,200 MT were down 6 percent from the las tweek and 9 percent from the 4-week average. The primary destinations were to Mexico (284,500 MT), Japan (206,600 MT), South Korea (65,400 MT), China (64,400 MT), Cuba (27,500 MT), and Egypt (23,000 MT).
Corn net sales of 445,700 MT for the 2011/2012 marketing year resulted as increases for Japan (235,400 MT, including 75,400 MT switched from unknown destinations and decreases of 9,500 MT), Mexico (74,200 MT), Venezuela (42,000 MT, including 12,000 MT switched from Panama and 5,000 MT switched from unknown destinations), Guatemala (39,400 MT, including 6,200 MT switch from Panama and 6,000 MT from El Salvador), the Dominican Republic (28,000 MT), and Honduras (24,500 MT).
Decreases were reported for unknown destinations (39,400 MT), South Korea (3,800 MT), and Jamaica (2,200 MT). Net sales of 60,000 MT for delivery in the 2012/2013 marketing year were reported for Japan. Optional origin sales for delivery in the 2012/2013 marketing year were for Mexico (120,000 MT).
Corn futures closed lower on Wednesday as positioning ahead of Friday’s USDA report kept trade close to unchanged. On Friday futures opened 3 to 4 cents higher as renewed buying interest was triggered by weakness in the dollar index and strength in crude oil futures overnight.