USDA: Corn net sales steady
According to the USDA's latest U.S. Export Report released on Thursday morning, corn net sales of 280,600 MT for the 2011/2012 marketing year resulted as increases for South Korea (131,500 MT, including 117,000 MT switched from unknown destinations and decreases of 60,000 MT), Mexico (76,500 MT), Japan (71,000 MT, including 37,500 MT switched from unknown destinations), Venezuela (48,500 MT), and Guatemala (45,700 MT), were partially offset by decreases for unknown destinations (204,400 MT).
Net sales of 71,600 MT for delivery in 2012/2013 were for Japan. Optional origin sales of 150,000 MT were reported for Mexico. Exports of 810,300 MT were down 17 percent from the previous week and unchanged from the prior 4-week average. The primary destinations were Japan (237,000 MT), Mexico (208,600 MT), South Korea (116,700 MT), China (60,200 MT), El Salvador (37,000 MT), and Costa Rica (32,600 MT).
Corn futures traded higher on Wednesday as futures trade was firm on fund buying that was driven by weakness in the dollar index and strength in the stock market. On Thursday corn futures were called 2 to 3 cents higher.