USDA: Corn exports plunge 39%
According to the USDA's Export Sales report, corn exports of 576,200 MT were down 39 percent from last week and 45 percent from the 4-week average. The primary destinations were to China (182,700 MT), Japan (156,700 MT), Mexico (149,400 MT), Panama (30,900 MT), Taiwan (24,900 MT), and Morocco (14,300 MT).
Corn net sales of 299,500 MT for the 2011/2012 marketing year resulted as increases for China (184,200 MT, including 180,000 MT switched from unknown destinations and decreases of 2,800 MT), Mexico (128,200 MT, including 67,400 MT switched from unknown destinations and decreases of 11,000 MT), Japan (97,100 MT, including 22,500 MT switched from unknown destination and decreases of 1,400 MT), Egypt (20,000 MT), Panama (12,800 MT), and the French West Indies (6,500 MT), were partially offset by decreases for unknown destinations (137,400 MT), Vietnam (10,000 MT), and Costa Rica (5,400 MT). Net sales of 6,500 MT for delivery in 2012/2013 were reported for Japan (4,600 MT) and Canada (1,900 MT).
Options exercised to export the commodity from other than the United States were for Mexico (30,000 MT).
Corn futures closed lower on Thursday as heavy fund selling was trigged by a rally in the dollar index. On Friday futures were called 4 to 5 cents higher as the market is rebounding slightly from losses posted on Thursday.