Corn export net sales soar 85 percent

The USDA released the latest U.S. Export Sales report on June 30. The report indicated corn net sales of 691,700 MT, which is 68 percent above last week’s report and an increase of 85 percent from the four-week average.

Increases were reported for South Korea (107,400 MT), Venezuela (104,200 MT, including 30,000 MT switched from unknown destinations), Mexico (100,500 MT), unknown destinations (77,900 MT), Japan (54,300 MT, including 30,400 MT switched from unknown destinations and decreases of 10,600 MT), and Colombia (49,000 MT), were partially offset by decreases for Honduras (20,200 MT).  Net sales of 242,600 MT for delivery in 2011/2012 were mainly reported for unknown destinations (100,000 MT), Japan (36,100 MT), Honduras (25,900 MT), and Jamaica (23,500 MT).

Exports of 655,200 MT were down 44 percent from the previous week and 33 percent from the prior 4-week average.  The primary destinations were Japan (149,100 MT), Venezuela (94,400 MT, including 34,500 MT late reporting), Mexico (93,200 MT), Egypt (80,200 MT), South Korea (52,500 MT), and Panama (35,200 MT).

Corn futures closed mixed on Wednesday as old-crop contracts were supported by short-covering ahead of the UDSA’S June Acreage and Stocks reports due out on June 30. On Thursday corn opened 25 to 30 cents lower, and by midsession trading locked limit down.

Source: http://www.dairyherd.com/dairy-news/Corn-export-net-sales-soar-85-percent-124800184.html?ref=184