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US EIA says ethanol output dips to 1.072 million b/d while stocks build on week

US weekly corn net export sales fall 44.6% on week, lower than expected

Houston — US net export sales of corn totaled 559,157 mt in the week ended November23, down 44.6% from 1.081 million mt in the previous week, Department ofAgriculture data showed Thursday.

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Market expectations were for USDA weekly export sales to be between700,000 mt and 1.1 million mt, a market participant said.

Since the current marketing year began on September 1, total commitments-- cumulative exports plus outstanding sales -- totaled 22.023 million mt,down 27% year on year and 4% above the five-year average.

The current total is already 45% of the USDA's 48.898 million mtprojection for the current marketing year.

Outstanding export sales of US corn -- product sold but not yet shipped-- for the current marketing year through the most recent week totaled 14.528million mt, 21% below the same period last year and 8% above the average forthe past five years, the USDA said.

The top corn buyers in the most recent week were Mexico with 204,953 mt,Japan with 201,229 mt and South Korea with 71,180 mt.

The top buyers in the current marketing year are Mexico at 8.774 millionmt, Japan at 3.651 million mt, Colombia at 1.374 million mt and Peru at 1.278million mt, the data show.

Net sales are considered a more appropriate indicator of the strength ofthe corn market than physical exports because they reflect new sales.

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

--Sergio Alvarado, sergio.alvarado@spglobal.com

--Edited by Alisdair Bowles, alisdair.bowles@spglobal.com