US net export sales of current crop corn and next crop totaled 1.257 million mt in the week ended May 31, up 10% from 1.142 million mt in the previous week, Department of Agriculture data showed Thursday.
Market expectations were for total weekly export sales to be between 800,000 mt and 1.300 million mt, a source said.
Weekly corn export sales were ahead of the pace needed to reach USDA's overall forecast and the new low corn prices were not yet reflected in the export sales, another source added.
Since the current marketing year began September 1, total commitments -- cumulative exports plus outstanding sales -- are up to 55.300 million mt, up 2% year on year and 34.5% above the five-year average.
The total is already up to 97.9% 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 16.297 million mt, 49% above the total at the same point last year and 54.8% above the average for the past five years, the USDA said.
The top corn buyers in the most recent week were Mexico with 292,466 mt, 247,466 mt for current crop and 45,000 for next crop; Vietnam with 196,753 mt, 136,753 mt for current crop and 60,000 for next crop; and Japan with 127,170 mt, 67,170 mt for current crop and 60,000 for next crop.
Export sales of 203,200 mt for next marketing year were reported for unknown destinations.
Previous sales for current marketing year of 164,372 mt for unknown destinations, were canceled during the reported week, the USDA said.
The top buyers in the current marketing year are Mexico at 13.910 million mt, Japan at 10.529 million mt, South Korea at 4.681 million mt and Colombia at 4.250 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.
