Corn weekly export sales exceed expectations, near 2 million mt

US net export sales of corn outstripped analyst expectations by nearly 500,000 mt in the week ending February 8, with sales reaching nearly 2 million mt versus analyst estimates of between 1 million-1.5 million mt.

The figures were up 12% on the week and 14% on the four-week average and mark the fifth consecutive week that net export sales have been above 1 million mt.

Total commitment so far this marketing year is 36 million mt, which is running well short on the 42 million mt that was committed at this time last year.

The rise in net export sales for corn comes at a time when the US is the lowest cost origin in the world for corn and that was evident with the wide array of destinations sold, including 453,000 mt to Japan, 258,000 to Mexico, 200,000 mt to Colombia and 140,000 mt to Saudi Arabia.

Net sales of soybean reached 640,000 mt, well within the 450,000-750,000 mt expected, with the biggest destinations China with 156,900 mt, Mexico with 133,400 mt, and the Netherlands  with 84,400 mt.

It is the fifth consecutive week where US exports of soybean have been under 700,000 mt, leaving commitments out of the current marketing year at 44.8 million mt.

That compares with 51.7 million mt at the same point last year.

In terms of wheat, net sales of 311,000 mt were also within analyst expectations of 200,000-400,000 mt.

Japan bought 84,800 mt, Indonesia 83,300 mt, and Taiwan 78,500 mt.