May 28, 2004

Strong US Corn Export Sales

Corn export sales picked up last week, USDA reported in its weekly export sales report. In addition, private exporters reported more sales early Thursday.

For the week ending May 20, net export sales totaled 1.2 million tons (49.7 million bushels).

USDA detailed the report: Net sales of 1,262,300 MT were 72 percent above the previous week and 55 percent over the prior 4-week average. Major increases for Japan (824,000 MT, including unreported sales of 284,200 MT made during the marketing year), Egypt (118,500 MT), South Korea (115,900 MT, including 110,900 MT switched from unknown destinations), Taiwan (87,500 MT), Morocco (84,600 MT, including 82,000 MT switched from unknown destinations), and Turkey (51,200 MT). Sales of 115,100 MT for delivery in 2004/05 were mainly to Mexico (115,000 MT). Exports of 1,149,900 MT were 76 percent higher than the previous week and 47 percent above the prior 4-week average. The primary destinations were Japan (390,200 MT), Mexico (165,200 MT), Taiwan (126,500 MT), South Korea (114,600 MT), Morocco (84,600 MT), and Turkey (68,100 MT).

In addition to the weekly sales, USDA this morning said private exporters reported the sale of 165,000 tons of corn to unknown destinations.

Source: USDA