Market expectations were 800,000 mt-1.6 million mt
Total commitments up 142% year on year and 70% above the five-year average
Outstanding sales up 207% year on year and 118% above the five-year average
Houston — US net export sales of corn for the 2020-21 marketing year (September-August) totaled 1.924 million mt in the week ended Dec. 10, up 41% from the 1.362 million mt in the previous week, according to Department of Agriculture data released Dec 17.
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Register NowThe total for the 2020-21 marketing year was up 5% from the prior four-week average, the USDA said in its Exports 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 2012-21 marketing year that began Sept. 1, total commitments – cumulative exports plus outstanding sales – have reached 41.580 million mt, up 142% year on year and 70% above the five-year average
Outstanding export sales of US corn – product sold but not yet shipped – for the current marketing year totaled 29.527 million mt, 207% above the year-ago level and 118% above the five-year average, the USDA said.
The top buyers in the current marketing year include China at 11.522 million mt, Mexico at 9.657 million mt, Japan at 4.146 million mt, Colombia at 1.909 million mt and South Korea at 1.060 million mt, the data showed.
The top corn buyers in the most recent week for deliveries in 2012-21 include Mexico with 714,927 mt, China with 231,788 mt and Japan with 176,720 mt.
Since the start of the marketing year, 7.008 million mt of US corn has been committed for unknown destinations, including this week's export sales of 402,286 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 18, 2020 at 12:51AM
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US corn net export sales up 41% on week at 1.924 million mt, above market expectations - S&P Global
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