Corn export shipments for the week ending Apr. 2 reached a new season high at roughly 1.29 MMT (50.80 million bushels), up about 3 percent from the week prior and above the pace needed to hit USDA’s export estimate for the second consecutive week. Major destinations were Japan (377,800 MT), Mexico (315,300 MT), South Korea (154,000 MT), and Saudi Arabia (139,100 MT). Cumulative exports increased to 19.60 MMT (771.50 million bushels).
Net corn export sales were a MY-high at nearly 1.85 MMT, up 72 percent from the week prior and up 41 percent from the prior four-week average. Major buyers included Japan (702,600 MT), South Korea (331,900 MT), Mexico (179,600 MT), and Saudi Arabia (139,100 MT). Outstanding sales rose to about 14.2 MMT, up over 11 percent YOY.
China purchased 504,000 MT of 2020/21 corn during the last week of March, helping to bring cumulative new-crop sales to about 2.4 MMT, a multiyear high for this point in the season.
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