U.S. corn exports are on the rise, according to USDA reports. Total U.S. sales of 84.9 million bushels (2.2 million metric tons) for the week ending Jan. 19 are three times the sales needed to keep pace with USDA's current export projections for the year.
Although Japan accounts for a third of those sales, Korea is expanding as a major buyer of U.S. corn. Korea purchased 24.4 million bushels (619,500 tons) of corn this month, of which 11.5 million bushels (292,500 tons) or 47% was specified U.S. origin.
Suppliers have told U.S. Grains Council representatives that probably all optional origin corn contracts will also be filled from the United States, which would give U.S. corn a 98% market share in Korea in January.
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