NEW YORK: Weekly corn net export sales rose to 282,747 mt in the week ending August 13, up 867% from 29,239 mt in the prior week, US Department of Agriculture data showed.
Weekly physical exports, also increased, rising 77,460 mt to 918,068 mt.
The top buyers of current marketing year corn were Japan at 166,334 mt, Mexico at 89,026 mt and Panama at 72,228 mt. There were 30,000 mt of sales cancellations from Panama, 11,439 mt of sales cancellations from Honduras, 3,295 mt of sales cancellations from Egypt and 2,807 mt of sales cancellations from Saudi Arabia. In addition, there were 229,181 mt of cancellations from unknown destinations.
The top weekly physical corn export destinations were Japan at 212,318 mt, Mexico at 236,067 mt and Venezuela at 90,000 mt.
Net sales are considered a more appropriate indicator for the strength of the corn market. The difference between weekly net export sales and weekly physical exports is timing, with the agricultural products first bought — the weekly net export sales figure — and then physically exported, which is the weekly physical export figure.
Corn is the primary feedstock for ethanol production in the US.
