US corn net export sales for 2020-21 rose to 387,500 mt over the week ended April 15, US Department of Agriculture data showed on April 22.
This quantity was 18% higher than the total from the previous week ended April 8, but was 75% lower than the rolling 4-week average. Most sales were to Mexico, at 366,300 mt, followed by South Korea with 134,600 mt and Japan with 103,500 mt.
These gains were offset by reductions of 215,800 mt from unknown destinations and 123,900 mt from China.
Net sales for 2021-22 were 29,500 mt. Buyers were Mexico, El Salvador, Nicaragua and Guatemala.
Export shipments were down 12% on the week and 18% off the 4-week average to 1.61 million mt. The largest portion was 560,100 mt set sail for Chinese ports, followed by Mexico at 321,100 mt and South Korea at 265,000 mt.
Total commitments, which are outstanding sales plus accumulated exports, rose to 67.2 million mt from 66.8 million mt the prior week. This was fueled by a 4.2% increase in accumulated exports to 39.4 million mt, with China accounting for 10.1 million mt and Mexico 8.87 million mt. Outstanding sales fell 4.2% to 27.81 million mt.
China continued to outpace all others with 23.1 million mt of total commitments. Mexico followed with 13.28 million mt and Japan with 9.47 million mt.
The CIF New Orleans basis in barges for current month shipment fell 6 cents from April 8 to 68 cents/bu on April 15. The outright price rose 5 cents over that period to $6.58/bu on April 15. CBOT corn futures May (K) contracts rose just over 10 cents to $5.90/bu on April 15.
Corn is the primary feedstock for ethanol production in the US and the main competitor for dried distillers grains in feed rations.
