USDA: Corn net sales up slightly
According to the USDA's latest U.S. Export Sales report, corn net sales of 695,500 MT for the 2011/2012 marketing year resulted as increases for Mexico (399,500 MT), Japan (240,800 MT, including 135,000 MT switched from unknown destinations), China (238,100 MT, including 179,500 MT switched from unknown destinations and decreases of 1,500 MT), Saudi Arabia (59,800 MT, switched from unknown destinations), Morocco (25,000 MT), and Canada (22,800 MT), were partially offset by decreases for unknown destinations (324,700 MT).
Net sales of 12,500 MT for delivery in 2012/2013 were for Mexico. Optional origin sales were reported for Mexico (30,000 MT). Exports of 1,036,600 MT--a marketing-year high--were up 28 percent from the previous week and 26 percent from the prior 4-week average. The primary destinations were to Japan (318,500 MT), China (295,200 MT), Mexico (160,100 MT), South Korea (115,500 MT), Saudi Arabia (59,800 MT), and Taiwan (25,100 MT).
Corn futures were called 3 cents lower on Thursday morning as fund selling weighed on futures on Wednesday and again overnight.