April extends steep drop in crude corn oil exports
The U.S. exported just 9,200 MT of corn oil in April, down 80 percent from April 2017. Both crude and refined oils were down sharply, with crude export volume at just under 7,000 MT and refined volume just over 2,200 MT, down 81 percent and 77 percent year over year, respectively. April’s low exports continue the declines also seen in March.
Crude exports are down because two top destinations have imported much less volume year to date than usual. Spain’s Jan-Apr imports were down 70 percent from its 2016-2017 average for that period, the Netherlands’ imports were down 56 percent, and Egypt’s were down 75 percent. U.S. stocks of crude corn oil in April were up 280 percent year over year.
Refined corn oil exports for Jan-Apr were down in part because Canada’s imports were 14 percent lower year over year, but a larger impact was from lack of demand from Tunisia. Last year, Tunisia imported an unusually large amount of refined U.S. corn oil, but this volume has not reappeared so far this year. However, shipments to usual destinations were strong, and compared to two years ago, exports of refined oil were up 32 percent. Stocks of refined corn oil in April were down 12 percent year over year.
U.S. crude corn oil exports
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