US corn net sales, exports meet expectations as data jumps to Feb 14

US corn net sales for the six weeks from January 4 through February 14 was at the upper end of a range of analysts' expectations, with a total amount of 6,056,500 mt registered, data from the USDA showed Friday.

The figure had fallen within the wide-range set by analysts, of anything between 4 and 7 million mt, as strong demand from typical US primary consumers ensured volumes kept flowing.

Mexico continued to be amongst the biggest buyers of 2018/19 US corn net sales, receiving a total amount of 1,427,400 mt , with regular buyer Japan following second and picking up 1,348,800 mt during this period, while Colombia took 712,200 mt.

Yet again, the continuation of mixed signals from South Korea was evident, with the country picking up 256,900 mt in optional origin sales, exercising the option to lift 130,200 mt from the US, but also applying the possibility to take 67,900 mt from places other than the US.

Alongside that, South Korea also booked 523,900 mt of fresh net sales.

The 2019/20 net sales came in at 29,200 mt reported - just missing expectations - for Guatemala (15,600 mt) and El Salvador (11,600 mt) with Canada taking 2,000 mt.

However, considerable exports were racked up with 5.5 million mt heading predictably to Japan (1.67 million mt), Mexico (1.64 million mt) and Peru (596,600 mt), with Colombia and South Korea completing the physical lifters.

Japan also exercised an option to take 62,200 mt from origins other than the US, as PNW supply continues to tussle with heavily discounted South American origins.