Large daily export sales of US corn continue: USDA
Large export sales of US corn continued Monday for the fourth straight trading day, as reported by private exporters, including a "large sale" of 130,000 mt in the current marketing year (September 2017-August 2018)to unknown destinations, the US Department of Agriculture said Tuesday. Private exporters on Friday reported selling 125,000 mt of US corn for delivery to unknown destinations, on Thursday reported selling 115,000 mt for delivery to Egypt and on Wednesday reported selling 132,000 mt to unknown destinations, USDA data showed.
US corn export pace has been improving and traders are more bullish about corn prices, probably related to concerns on Argentina's dry weather, sources said.
"While still lagging last year's pace, corn exports seem destined to top USDA full-year expectations," a market participant said.
Exporters are required to report to the USDA any export sales of 100,000 mt or more of a single US agricultural commodity made in one day.
The agency does not disclose the identity of exporters reporting under this requirement.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.