Sao Paulo — US net export sales for the 2017-18 marketing year corn crop totaled 1.245 million mt in the week ended December 21, down 20% from 1.558 million mt the previous week, Department of Agriculture data showed Friday.
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Market expectations were for USDA weekly export sales to be between 600,000 mt and 1.1 million mt, a source said. "The market needs a lot more weeks like that to exceed the current USDA forecast [for exports this season]," a second source said.
USDA said net export sales were up 28% from the prior four-week average.
Since the current marketing year began September 1, total commitment -- cumulative exports plus outstanding sales -- totals 26.57 million mt.
The current total is 54% of the USDA's 48.898 million mt projection 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 16.569 million mt, 15% below the same period last year.
Net sales are considered a more appropriate indicator of the strength of the corn market than physical exports because they reflect new sales.
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