For the week ending Oct. 17, 2019/20 corn exports of 489,040 MT were up 12 percent from the week before. Yet cumulative exports, at roughly 3.1 MMT (123.1 million bushels), were down 63 percent YOY. Primary destinations were Mexico and Columbia.
Net corn sales were 491,457 MT (19.3 million bushels), up a third from the previous week and up 15 percent from the prior four-week average. Unknown destinations accounted for 108,000 MT of reductions.
Outstanding 2019/20 net corn sales were 7.7 MMT, nearly unchanged week over week but down around 40 percent YOY.
South American and Black Sea corn prices are heavily discounted from U.S. corn, per DTN.
USDA may cut its 2019/20 export forecast in the November’s WASDE as foreign competition and weaker-than-expected demand pose challenges to U.S. exporters.