USDA: Corn exports up 27 percent
According to the USDA's U.S. Export Sales report, corn exports of 643,700 MT were up 27 percent from last week, but down 18 percent from the prior 4-week average. The primary destinations were Mexico (245,100 MT), South Korea (115,700 MT), Japan (108,300 MT), Venezuela (57,500 MT), Guatemala (54,400 MT), and El Salvador (19,800 MT).
Corn net sales of 130,700 MT--a marketing-year low--resulted as increases for Japan (126,200 MT, including 86,500 MT switched from unknown destinations and decreases of 1,200 MT), Mexico (48,100 MT), El Salvador (40,500 MT, including 18,500 MT switched from unknown destinations and decreases of 1,300 MT), Guatemala (33,600 MT, including 52,100 MT switched from unknown destinations and decreases of 20,800 MT), Taiwan (27,800 MT), and Venezuela (20,000 MT), were partially offset by decreases for unknown destinations (158,900 MT), the Dominican Republic (38,500 MT), and Costa Rica (12,800 MT).
Net sales of 27,000 MT for delivery in the 2012/2013 marketing year were reported for Guatemala (12,000 MT), El Salvador (9,000 MT), and Costa Rica (6,000 MT).
Corn futures finished lower on Wednesday, led by the new-crop December contract. On Thursday futures opened 3 to 6 cents lower as the market is considered to be oversold. a significant bounce in prices is unlikely ahead of Friday’s Grain Stocks and Prospective Plantings report.