The USDA released the latest U.S. Export Sales report on August 4. The report showed corn net sales of 778,500 MT, which is a 23 percent drop from last week’s report and a 19 percent below the four-week average. The primary destinations were Japan (231,000 MT, including 22,200 MT late reporting), Mexico (150,500 MT), Saudi Arabia (71,500 MT), China (60,100 MT), Guatemala (42,800 MT), and Portugal (33,000 MT).
Corn net sales of 297,400 MT resulted as increases for Japan (187,200 MT, including 81,800 MT switched from unknown destinations and decreases of 22,000 MT), China (56,600 MT, switched from unknown destinations), Mexico (56,100 MT), Guatemala (35,600 MT, including 19,000 MT switched from El Salvador, 14,600 MT switched from unknown destinations, and 2,000 MT switched from Nicaragua), Portugal (33,000 MT, including 30,000 MT switched from unknown destinations), and Venezuela (28,800 MT), were partially offset by decreases for unknown destinations (153,700 MT) and Honduras (9,100 MT).
Net sales of 461,200 MT for delivery in 2011/2012 were mainly reported for Japan (217,400 MT), Panama (104,900 MT), and Costa Rica (42,200 MT). Decreases were reported for the Dominican Republic (8,700 MT).
Corn futures traded lower on Wednesday as light profit-taking developed following the limit gains posted on Tuesday. On Thursday futures were called 10 to 11 cents lower as a change in the weather pattern and outside markets weighed on futures trade.
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