USDA: Corn exports climb slightly
According to the USDA's latest U.S. Export report, corn exports of 818,100 MT were up 5 percent from last week and 2 percent from the 4-week average. The primary destinations were to Japan (341,900 MT), Mexico (279,500 MT), South Korea (89,800 MT), Cuba (26,100 MT), Venezuela (22,000 MT), and Colombia (20,700 MT).
Corn net sales of 690,000 MT for the 2011/2012 marketing year resulted as increases for Japan (221,600 MT, including 91,900 MT switched from unknown destinations and decreases of 16,000 MT), Mexico (143,700 MT, including 82,900 MT switched from unknown destinations and decreases of 12,500 MT), China (122,000 MT), Taiwan (85,700 MT), South Korea (34,400 MT, including 30,000 MT switched from unknown destinations), and unknown destinations (27,900 MT). Net sales of 23,000 MT for delivery in the 2012/2013 marketing year were reported for Mexico
Corn futures closed higher on Wednesday as spillover support from soybeans and technical buying helped push corn futures. On Thursday futures opened 2 cents lower as the market is pulling back from recent gains as the market struggles to push above the trading range established over the past month.