USDA: Corn exports jump 23 percent

According to the USDA's latest U.S. Export Sales report, corn exports of 793,100 metric tons (MT) were up 23 percent from last week and 7 percent from the 4-week average.  The primary destinations were Japan (246,700 MT), Mexico (215,600 MT), South Korea (129,900 MT), Taiwan (92,500 MT), Venezuela (52,500 MT), and Honduras (24,900 MT).

Corn net sales of 937,600 MT were up noticeably from the previous week and 65 percent from the prior 4-week average.  Increases reported for China (394,000 MT, including 60,000 MT switched from unknown destinations), Mexico (267,200 MT, including 38,100 MT switched from unknown destinations and decreases of 7,500 MT), Japan (166,400 MT, including 112,000 MT switched from unknown destinations and decreases of 34,800 MT), Colombia (55,000 MT), South Korea (33,500 MT), and Venezuela (29,500 MT, including 5,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (82,300 MT).  

Net sales of 185,100 MT for delivery in the 2012/2013 marketing year were primarily reported for unknown destinations (120,000 MT), Japan (30,400 MT), and Honduras (20,000 MT).   

Corn futures closed lower on Wednesday. On Thursday futures opened steady to 4 cents lower as corn prices were lower in overnight trade as weak outside markets had an impact.

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