USDA: Corn exports jump 30 percent
According to the USDA's latest U.S. Export Sales report, corn exports of 748,200 MT were up 30 percent from the previous week, but down 19 percent from the prior 4-week average. The primary destinations were to Mexico (218,800 MT), Japan (204,700 MT), China (116,600 MT), South Korea (66,000 MT), Taiwan (34,700 MT), and Costa Rica (29,500 MT).
Corn net sales of 321,500 MT for the 2011/2012 marketing year resulted as increases for Mexico (243,900 MT, including 30,500 MT switched from unknown destinations and decreases of 4,200 MT), China (119,700 MT, including 120,000 MT switched from unknown destinations and decreases of 3,400 MT), Japan (107,700 MT, including 86,600 MT switched from unknown destination and decreases of 80,300 MT), Canada (22,800 MT), and Colombia (22,400 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (219,600 MT). Net sales reductions of 23,000 MT for 2012/2013 were reported for Canada.
Corn closed slightly lower on Wednesday as the market was pressured by the strength in the dollar, weakness in crude oil and some much needed rainful in Argentina. On Friday futures opened 5 to 8 cents lower as USDA reports pressured the crop markets.