US net export sales of corn totaled 559,157 mt in the week ended November 23, down 44.6% from 1.081 million mt in the previous week, Department of Agriculture data showed Thursday.
Market expectations were for USDA weekly export sales to be between 700,000 mt and 1.1 million mt, a market participant said.
Since the current marketing year began on September 1, total commitments -- cumulative exports plus outstanding sales -- totaled 22.023 million mt, down 27% year on year and 4% above the five-year average.
The current total is already 45% 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 14.528 million mt, 21% below the same period last year and 8% above the average for the past five years, the USDA said.
The top corn buyers in the most recent week were Mexico with 204,953 mt, Japan with 201,229 mt and South Korea with 71,180 mt.
The top buyers in the current marketing year are Mexico at 8.774 million mt, Japan at 3.651 million mt, Colombia at 1.374 million mt and Peru at 1.278 million mt, the data show.
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.
