Corn exports soar this week

According to the USDA's latest U.S. Export Sales report, corn exports of 1,114,500 metric tons (MT) were up 69 percent from last week and 71 percent from the 4-week average.  The primary destinations were Japan (556,200 MT), Mexico (259,100 MT), South Korea (116,500 MT), Venezuela (66,500 MT), Egypt (41,600 MT), and Costa Rica (21,100 MT).

Corn net sales of 300,400 MT were down 69 percent from the previous week and 58 percent from the prior 4-week average.  Increases reported for Japan (147,100 MT, including 93,600 MT switched from unknown destinations and decreases of 6,800 MT), Taiwan (77,400 MT), Mexico (62,500 MT), Venezuela (25,000 MT, including 20,000 MT switched from Panama), Colombia (19,900 MT), and China (15,000 MT), were partially offset by decreases for unknown destinations (32,400 MT) and Panama (20,000 MT).  Net sales reductions of 2,400 MT for the 2012/2013 marketing year were reported for Mexico.  

Optional Origin Sales:   For MY 2011/2012, no corn optional origin sales activity was reported this week.  Optional origin outstanding sales total 60,000 MT, all Mexico.  For MY 2012/2013, optional origin outstanding sales total 330,000 MT, all Mexico.  

Corn futures ended lower on Wednesday as old-crop futures were down sharply on weakness in the outside markets, lower soybean prices and a record fast planting pace. Futures opened 10 to 15 cents high on Thursday on rumors that China is back in the market buying U.S. corn.

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