Houston — US net export sales of current crop and next crop corn totaled 1.384 million mt in the week that ended August 9, up 14.1% from 1.212 million mt in the previous week, Department of Agriculture data showed Thursday.
Market expectations were for total weekly export sales of between 600,000 mt and 1.600 million mt
Weekly corn export sales were ahead of the pace needed to reach USDA's overall forecast for the current marketing year as buyers look for opportunities in the pre-harvest season, sources added.
Since the current marketing year began September 1, total commitments -- cumulative exports plus outstanding sales -- are up to 60.260 million mt, up 7% year on year and 36.3% above the five-year average.
The total is up to 98.9% of the USDA's 60.963 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 6.849 million mt, 97% above the total at the same point last year and 56.9% above the average for the past five years, the USDA said.
The top corn buyers in the most recent week were Mexico with 359,440 mt, comprising 61,312 mt for the current crop and 298,078 mt for the next crop; Japan with 336,648 mt, consisting of 236,148 mt for the current crop and 70,500 mt for the next crop; and Colombia with 171,818 mt, 133,318 mt for the current crop and 38,500 mt for the next crop.
The top buyers in the current marketing year are Mexico at 15.223 million mt, Japan at 11.763 million mt, South Korea at 5.846 million mt and Colombia at 4.798 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.
