US net export sales of current crop and next crop corn totaled 1.204 million mt in the week ended April 12, up 3.4% from 895,914 mt in the previous week, US Department of Agriculture data showed Thursday.
Of the total net exports sales, 1.092 million mt were for the current corn crop and 112,220 mt were for the next corn crop, the USDA said.
Market expectations were for total weekly export sales to be between 700,000 mt and 1.4 million mt, a source said.
Weekly corn export sales were well ahead of the pace needed to reach USDA's overall forecast, another source added.
Since the current marketing year began September 1, total commitments -- cumulative exports plus outstanding sales -- are up to 49.285 million mt, down 2% year on year, but 35.3% above the five-year average.
The total is already up to 87.2% of the USDA's 56.518 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 21.550 million mt, 40% above the total at the same point last year and 68.5% above the average for the past five years, the USDA said.
The top corn buyers in the most recent week were Colombia with 246,263 mt, Japan with 206,302 mt (141,302 mt of current crop and 65,000 mt of next crop) and Taiwan with 175,739 mt.
The top buyers in the current marketing year are Mexico at 12.349 million mt, Japan at 8.966 million mt, South Korea at 4.039 million mt and Colombia at 3.462 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.
