Market expectations were between 800,000 mt and 1.6 million mt
Total commitments up 162% on year and 73% above 5-year average
Outstanding sales up 238% on year, 119% above the 5-year average
CIF NOLA barge outright price down 2.5 cents/bu week on week
Houston — US net export sales of corn for the 2020-21 marketing year (September-August) totaled 1.37 million mt in the week ended Nov. 26, down 18% from the 1.67 million mt in the previous week, according to the US Department of Agriculture data released Dec. 3.
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Register NowThe total for the 2020-21 marketing year was down 14% from the prior four-week average, the USDA said in its Export Sales Highlights report.
Market expectations for net export sales were between 800,000 mt and 1.6 million mt for the current marketing year, sources said.
So far in the 2020-21 marketing year that began Sept. 1, total commitments -- cumulative exports plus outstanding sales -- have reached 38.293 million mt, up 162% year on year and 73% above the five-year average
Outstanding export sales of US corn -- product sold but not yet shipped -- for the current marketing year totaled 27.920 million mt, 238% above the year-ago level and 119% above the five-year average, the USDA said.
The outright price for S&P Global Platts corn CIF New Orleans in barges, for current-month shipment, dropped 2.5 cents week on week to $4.92/bushel on Nov. 25, following CBOT December corn futures 2.5 cents week on week drop to $4.20/bu.
Platts corn CIF New Orleans basis in barges, for current-month shipment, was unchanged week on week at 72 cents/bu above the CBOT December (Z) contract.
The top buyers in the current marketing year include China at 11.18 million mt, Mexico at 8.53 million mt, Japan at 4.97 million mt, and Colombia at 1.88 million mt, the data showed.
The top corn buyers in the most recent week for deliveries in 2020-21 include Mexico with 656,918 mt, China with 154,782 mt and Japan with 138,848 mt.
Since the start of the marketing year, 6.183 million mt of US corn has been committed for unknown destinations, including this week's export sales of 351,428 mt, 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 barge corn market.
Of the total estimated US corn production for 2020-21, 18% is projected to be exported, and US corn total exports are estimated to be 36% of the total corn exported in the world.
Corn is the primary feedstock for ethanol production in the US and the main competitor for dried distillers grains in feed rations.
December 04, 2020 at 02:07AM
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US corn net export sales down 18% on week at 1.37 mil mt: USDA - S&P Global
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