US corn weekly net export sales soar to 15-month high: USDA

Chemical News: US corn weekly net export sales soar to 15-month high: USDA

https://www.chemnet.com Jan 26,2015 Platts
Weekly net export sales of US corn for the reporting week ended January 15 soared to a 15-month high, Department of Agriculture data showed Friday.

Weekly corn net export sales soared 1.36 million mt to 2.19 million mt, the highest level since the reporting week ended October 24, 2013.

The top buyers of current marketing year corn were Japan at 426,290 mt, South Korea at 369,800 mt and Taiwan at 256,541 mt. There were an additional 483,721 mt of sales from unknown destinations.

For the first time in more than four months, there were no net sales cancellations.

Weekly physical exports for corn also moved up, rising 362,244 mt to 762,448 mt, a four-week high.

The top weekly physical corn export destinations were Colombia at 261,294 mt, Mexico at 216,710 mt and Peru at 90,370 mt.

Net sales are considered a more appropriate indicator for the strength of the corn market. The difference between weekly net export sales and weekly physical exports is timing, with the agricultural products first bought -- the weekly net export sales figure -- and then physically exported, which is the weekly physical export figure.

Corn is the primary feedstock for ethanol production in the US.

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