USDA: Corn net sales drop 60 percent
According to the USDA's latest U.S. Export Sales report, corn net sales of 251,900 MT for the 2011/2012 marketing year were down 60 percent from the previous week and 75 percent from the prior 4-week average.
Increases were reported for Mexico (153,000 MT, including 21,900 MT switched from unknown destinations and decreases of 6,700 MT), Japan (133,300 MT, including 112,500 MT switched from unknown destinations and decreases of 35,900 MT), China (119,500 MT, switched from unknown destinations), Taiwan (37,200 MT), and South Korea (18,600 MT).
Decreases were reported for unknown destinations (228,700 MT). Exports of 624,400 MT were primarily to Japan (193,300 MT), Mexico (134,500 MT), China (124,700 MT), South Korea (57,700 MT), the Dominican Republic (27,900 MT), and Taiwan (23,600 MT).
Corn futures traded lower on Wednesday as USDA reports were mixed for corn earlier in the morning. On Thursday corn futures were called 4 to 5 cents higher as commercial buying following the recent weakness and stabilized outside markets overnight supported the market.