U.S. corn inspected for exports rose 36% on week
In the 39 weeks since the marketing year began on September 1, the amount of U.S. corn inspected for export stands at 29.481 million mt, or 67.28% of the USDA's 43.817 million mt projection for the current marketing year, according to USDA's weekly Federal Grain Inspection Service report, Platts reports.
To meet this projection, exports would have to average 1.127 million mt/week from now until the end of the marketing year. Data showed exports were slightly below that level.
The top destinations for corn that was inspected leaving from the U.S. Gulf were Saudi Arabia (148,721 mt), Mexico (68,407 mt) and Dominican Republic (62,460 mt), the data show.
The top destination for corn that was inspected leaving from Pacific ports were South Korea (137,738 mt) and Japan (118,329 mt).
The top destination for corn that was inspected leaving from the Interior region was Mexico (135,395 mt).
U.S. corn inspected for export is corn that has been sold and is inspected as it is being loaded at export locations for shipment overseas. Traders usually consider the pace needed to meet the USDA projection as an indicator of demand.
Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains. ■