Private exporters for a third consecutive trading day reported Friday a large sale of US corn for export in the current marketing year, this time for 362,552 mt, the US Department of Agriculture said Monday. The current marketing year runs through August 31.
Private exporters Thursday reported selling 260,000 mt for delivery to unknown destinations, and Wednesday they reported selling 110,000 mt to Japan, USDA data showed.
"Exports continue to be the positive story for corn demand," a source said. "US corn is the cheapest corn on the market and corn is the cheapest feed grain," another market participant said, adding that with export demand this strong, US corn basis -- premiums -- will keep firming.
Of the 362,552 mt of US corn sold Friday, 107,752 mt was for delivery to Japan and 254,800 mt was set to be delivered to unknown destinations.
Japan has been the second largest buyer of US corn so far during the 2017-18 marketing year, buying 7.090 million mt, of which 3.775 million mt has already been shipped, according to last USDA's weekly export sales report.
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.
