U.S. corn exports jump 35 percent
The USDA's U.S. Export Sales report showed that corn exports of 1,035,600 MT were up 35 percent from last week and 36 percent from the 4-week average. The primary destinations were to Japan (431,200 MT), Mexico (329,200 MT), China (64,200 MT), Saudi Arabia (45,600 MT), Egypt (45,500 MT), and Venezuela (35,000 MT).
Corn net sales of 836,400 MT for the 2011/2012 marketing year resulted as increases for Japan (348,100 MT, including 121,400 MT switched from unknown destinations and decreases of 23,200 MT), Mexico (222,800 MT), South Korea (126,300 MT), Saudi Arabia (105,600 MT, including 60,000 MT switched from China and 45,600 MT switched from unknown destinations), Venezuela (57,000 MT), and Taiwan (19,100 MT). Decreases were reported for unknown destinations (110,200 MT) and the French West Indies (7,000 MT).
Corn futures traded lower on Wednesday as profit-taking and fund selling weighed on the market. On Thursday futures opened 4 to 5 cents higher as the market was trading higher overnight on commercial buying and weakness in the dollar index.