Commodities

Google Ad

US net corn export sales continue to rise. Mexico and Japan are the two largest destination for American corn. The Department of Agriculture reported current crop and next crop corn were up 35% from the previous week.

US Corn Field

Current crop and next crop exports totaled 2.605 million million tons in the week that ended March 8, up 35% from 1.928 million mt in the previous week. In a wide range market expectations were for total weekly export sales of between 1.3 million mt and 1.8 million mt. The report saw export sales for corn way ahead of expectations for the second week in a row.

Highlights

  • Of total net exports sales, 2.505 million mt were for the current corn crop, and 99,952 mt were for the next corn crop.
  • Weekly corn export sales ahead of the pace needed to reach USDA's overall forecast for the current marketing year from September 1, 2017.
  • Ttotal commitments are up to 43.632 million mt, down 4% year on year, but 32.7% above the five-year average.
  • Current total at 77.2% of the USDA's 56.518 million mt projection for the current marketing year.
  • Outstanding export sales of US corn for the current marketing year through the most recent week are at 23.420 million mt, 33% above the total at the same point last year and 65.2% above the average for the past five years.

Who Buys American Corn?

The top buyers in the current marketing year:

  1. Mexico at 11.511 million mt,
  2. Japan at 7.928 million mt,
  3. Colombia at 2.998 million mt
  4. South Korea at 2.574 million mt

The top buyers for the most recent week. 

  1. Japan with 862,917 mt (838,025 mt of current crop and 24,892 mt of next crop),
  2. Taiwan with 388,644 mt
  3. Mexico with 209,704 mt (197,944 mt of current crop and 11,760 mt of next crop).
  4. The USDA said 111,965 mt was sold to unknown destinations.

Source: USDA

Log in to comment
Discuss this article in the forums (2 replies).