US net export sales of current crop corn and next crop totaled 1.177 million mt in the week ended June 7, down 6.4% from 1.257 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 56.237 million mt, up 3% year on year and 35.1% above the five-year average.
The total is already up to 96.3% of the just updated USDA's 58.423 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 15.828 million mt, 50% above the total at the same point last year and 56.7% above the average for the past five years, the USDA said.
The top corn buyers in the most recent week were South Korea with 470,027 mt, 402,027 mt for current crop and 68,000 for next crop; Japan with 155,067 mt, 105,067 mt for current crop and 50,000 for next crop; and Taiwan with 140,849 mt, 75,849 mt for current crop and 65,000 for next crop.
Previous sales for current marketing year of 247,560 mt for unknown destinations, were canceled during the reported week, the USDA said.
The top buyers in the current marketing year are Mexico at 14.008 million mt, Japan at 10.634 million mt, South Korea at 5.083 million mt and Colombia at 4.260 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.
