Weekly US corn export sales commitments through February 14 -- cumulative exports plus outstanding sales -- have risen to 38.344 million mt, up 2% year on year and 9% above the five-year average, delayed US Department of Agriculture data showed Friday.
Total commitments were up to 61% of the USDA's 62.233 million mt projection for the 2018-2019 marketing year. The report had been delayed by the federal government shutdown.
The updated USDA corn export sales report showed total net export sales for the six-week period from January 4 to February 14, at 6.086 million mt; 6.056 million mt for the 2018-19 marketing year and 29,170 mt for the 2019-20 marketing year, the USDA said.
Market expectations for the net export sales in that period were between 4 to 7 million mt for the 2018-2019 marketing year, and were between 50,000 and 250,000 mt for the 2019-2020 marketing year, sources said.
Outstanding export sales of US corn - product sold but not yet shipped - for the current marketing year through the reported week totaled 13.560 million mt, 36% below the total at the same point last year and 24% below the five-year average, the USDA said.
The top corn buyers in the reporting period for deliveries in the current marketing year were Mexico with 1.427 million mt, Japan with 1.349 million mt, Colombia with 712,233 mt and South Korea with 523,939 mt.
The top buyers in the current marketing year have been Mexico at 12.577 million mt, Japan at 7.715 million mt, Colombia at 2.863 million mt and South Korea at 2.824 million m, the data showed.
Since the beginning of the marketing year, 1.773 million mt of US corn has been committed for unknown destinations, including this period's net sales of 73,059 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 barges corn market.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.
