US corn net export sales, shipments down: USDA

Houston — US corn net export sales for 2020/21 during the week ended April 8 were 57% lower than the prior week total, US Department of Agriculture data showed April 15.

The 327,700 mt sold was 81% below the four-week rolling average as well. This quantity fell outside the market's expected range of 500,000-900,000 mt.

The largest buyers were Japan with 178,800 mt, South Korea with 125,900 mt and Taiwan with 111,500 mt. Reductions from unknown destinations totaled 379,900 mt. Cancellations from China outpaced buying as net sales were negative 23,700 mt.

Sales for 2021-22 were 52,600 mt, with destinations of Guatemala, El Salvador and Canada.

Export shipments also fell on the week, though by a smaller margin. Shipments totaled 1.82 million mt, down 12% from the previous week and the 4-week average. China remained the largest destination, receiving 520,000 mt, followed by Mexico with 450,100 mt, Japan with 230,800 mt and South Korea with 191,400 mt.

Accumulated exports rose 5% while outstanding sales fell 4.9%. Total commitments, which is the addition of these two variables, was therefore steady. China continued accounting for the largest portion of the 66.8 million mt total at 23.26 million mt, far ahead of Mexico at 12.9 million mt and Japan at 9.37 million mt.

The CIF New Orleans basis in barges for current month shipment was flat between April 1 and April 8 at 74 cents/bu. The outright price rose 3% to $6.5375/bu on April 8. CBOT corn futures May (K) contracts rose 3.6% from April 1 to April 8 to $5.7975/bu.

Corn is the primary feedstock for ethanol production in the US and the main competitor for dried distillers grains in feed rations.