The amount of US corn inspected for export in the week that ended June 13 totaled 653,875 mt, down 23% from the previous week, US Department of Agriculture data showed Monday.
The total in the most recent reporting period fell 61% from the 1.680 million mt inspected in the same week a year ago, according to the USDA's weekly Federal Grain Inspection Service report.
The largest share of US grain exports inspected last week was taken by soybeans, at 39%. Corn, at 38%, was second, followed by wheat, at 21%.
In the 285 days of the 2018-19 marketing year, the amount of US corn inspected for export totaled 40.833 million mt, 4% below the same period in the previous marketing year and 73% of the USDA's 55.883 million mt recently updated projection for the 2018-19 marketing year.
US export shipments were below the average weekly pace needed to reach the USDA's estimate for exports in the ongoing marketing year.
The data showed the amount of US corn inspected for departure from the US Gulf Coast totaled 346,537 mt -- 315,582 mt of yellow corn and 30,955 mt of white corn.
The top destinations were Japan, with 124,321 mt of yellow corn; Saudi Arabia, with 68,732 mt of yellow corn; and Mexico, with 25,091 mt of yellow corn and 30,955 mt of white corn.
The amount of US corn inspected leaving the US Pacific Coast totaled 111,894 mt of yellow corn. The sole destination was Japan
Inspections of corn leaving the Interior region totaled 195,420 mt of yellow corn. The top destinations were Mexico, with 177,793 mt; Taiwan, with 13,464 mt; and China, with 2,940 mt.
US corn inspected for exports is corn that has been sold and inspected during loading at export locations for shipment overseas.
Traders consider the pace needed to meet the USDA projection an indicator of demand.
The outright Platts corn CIF New Orleans in barges prices, for front-month delivery, rose 32.25 cents to $5.09/bu in the reporting week of June 7-13, while CBOT July corn futures rose the 26.25 cents to $4.42/bu.
Despite the weak export program, corn CIF New Orleans in barges prices have been rising on concern of lower production expected because of late planting, sources said.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distiller grains.
