US corn net export sales rose 79.8% on week, above market expectations


US net export sales of the current 2017-18 marketing year corn crop totaled 1.558 million mt in the week that ended December 14, up 79.8% from 866,918 mt in the previous week, Department of Agriculture data showed Thursday.

Market expectations were for USDA weekly export sales to be between 800,000 mt and 1.1 million mt, a market participant said.

Since the current marketing year began September 1, total commitments -- cumulative exports plus outstanding sales -- totaled 25.324 million mt, down 26% year on year and 7.9% above the five-year average.

The current total is already 51.8% of the USDA's 48.898 million mt projection for the current marketing year.

Outstanding export sales of US corn -- product sold, but not yet shipped -- for the current marketing year through the most recent week totaled 15.845 million mt, 19% below the same period last year and 15.5% above the average for the past five years, the USDA said.

The top corn buyers in the most recent week were Mexico, with 381,471 mt; Colombia, with 167,052 mt; and Japan, with 151,340 mt.

The top buyers in the current marketing year are Mexico, at 9.329 million mt; Japan, at 4.103 million mt; Colombia, at 1.842 million mt; and Peru, at 1.485 million mt, the data showed.

Net sales are considered a more-appropriate indicator of the strength of the corn market than physical exports because they reflect new sales.

Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.


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