US net export sales of corn for the current marketing year totaled 1.007 million mt in the week ended October 4, down 29.7% from 1.431 million mt in the previous week, US Department of Agriculture data showed Friday.
Market expectations were for total weekly export sales between 1 million mt and 1.5 million mt.
Since the 2018-19 marketing year began September 1, total commitments - cumulative exports plus outstanding sales - have risen to 20.706 million mt, up 51% year on year and 34% above the five-year average.
The total was up to 33% of the USDA's 62.868 million mt revised projection for the 2018-19 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 14.529 million mt, 46% above the total at the same point last year and 26% above the five-year average, the USDA said.
The top corn buyers in the most recent week were Mexico with 354,619 mt, Japan with 281,652 mt, South Korea with 195,621 mt and Taiwan with 166,912 mt.
Previous sales for current marketing year of 2678,122 mt for unknown destinations were canceled during the reported week, the USDA said.
The top buyers in the current marketing year have been Mexico at 6.463 million mt, Japan at 3.28 million mt and South Korea at 1.877 million mt, the data showed.
Since the beginning of the marketing year, 2.731 million mt of US corn has been committed for unknown destinations, USDA 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.
The outstanding export sales are considered an indicator of the strength of the New Orleans CIF in barges corn market.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.
