Strong run of US corn export sales continues: USDA data

Large export sales of US corn by private exporters continued Tuesday for a third consecutive trading day, the US Department of Agriculture said Wednesday.
Tuesday's action involved the sale by private exporters of 138,000 mt for delivery to South Korea in the current marketing year, which ends August 31, USDA said.
Private exporters on Monday reported selling 110,000 mt of US corn for delivery to Peru and on March 16 reported selling 206,000 for delivery to Japan and 115,000 for delivery to unknown destinations, USDA data showed.
South Korea has been the fourth largest buyer of US corn so far in the 2017-18 marketing year, buying 2.574 million mt, of which 1.296 million mt has already been shipped, according to USDA's last weekly export sales report, which was released March 15.
Despite the strong export demand, the market has been following the rains in the US Plains and in Argentina, where the drought is already an old story, sources said. In addition, in the last three trading days, the market has been quiet and remained in a narrow trading range, as traders are waiting for the next USDA prospective planting report.
From Monday through Wednesday, CBOT May corn futures have settled unchanged at $3.75/bu.
Exporters are required to report to the USDA any export sales of 100,000 mt or more of a single US agricultural commodity made in one day.
The agency does not disclose the identity of exporters reporting under this requirement.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.

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