USDA: Corn net sales drop slightly
According to the USDA's latest U.S. Export Sales report, corn net sales of 208,900 MT for the 2011/2012 marketing year resulted as increases for South Korea (170,100 MT, including 114,600 MT switched from unknown destinations), Japan (149,500 MT, including 74,700 MT switched from unknown destinations and decreases of 5,100 MT), Mexico (144,000 MT, including 7,400 MT switched from unknown destinations and decreases of 37,900 MT), China (60,000 MT, switched from unknown destinations), and Saudi Arabia (55,900 MT, including 52,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (426,200 MT), Peru (5,600 MT), and Morocco (2,700 MT).
Exports of 895,100 MT were up 43 percent from the previous week and 37 percent from the prior 4-week average. The primary destinations were to Mexico (293,000 MT), Japan (201,100 MT), South Korea (115,000 MT), China (63,400 MT), Saudi Arabia (55,900 MT), and Venezuela (31,000 MT).
Corn futures closed lower on Wednesday as the market was pressured by strength in the dollar and weakness in the stock market as concerns about the euro zone crisis continue. On Thursday corn futures opened 5 cents lower on overnight trade.