For the week ending Jan. 23, net corn sales were at a six-week high 1.2 MMT (48.6 million bushels), up 23 percent from the previous week and nearly double the prior four-week average.
Unknown destinations accounted for the most volume at 345,000 MT with Colombia, Mexico, Guatemala, and Japan rounding out the top five buyers.
Outstanding 2019/20 net corn sales were about 11.0 MMT, a multiyear low for this time and down about 15 percent YOY.
Weekly export shipments were also at a six-week high of 681,932 MT, up 74 percent from the week before but still below the pace needed to hit USDA’s export estimate. Cumulative exports were just over 10.5 MMT (413.7 million bushels), down roughly 53 percent YOY.
Primary export destinations included Mexico (277,600 MT), Colombia (242,300 MT), Japan (88,400 MT), Taiwan (21,300 MT), and Nicaragua (20,900 MT).
FOB U.S. Gulf corn pricing remains the lowest in the world right now, but Ukrainian corn is cheaper for countries such as Japan and South Korea after factoring in ocean freight costs.
Since Jan. 23, unknown destinations and Mexico have purchased around 266.8 MMT of U.S. corn for 2019/20, per Reuters.
Net U.S. corn export sales by season