Corn exports have been sluggish this fall, with plenty of competition, but it may be too soon to say whether that trend will continue. [DTN chart by Joel Karlin]

USDA lowered its target for corn exports in the last supply and demand estimates, and another revision could be forthcoming, according to DTN contributor Joel Karlin.

USDA's World Ag Outlook Board, in the World Ag Supply and Demand Estimates (WASDE) November 10 report, put annual corn exports at 2.1 billion bushels, down 50 m bu from the October estimate.

"With nearby futures priced close to $4.00 per bushels, our overseas sales continue to be sluggish as the trade contemplates further reductions in the export figure," Karlin told DTN subscribers.

Shipments are running at the slowest pace in seven years, and sales are at the slowest pace in five years, Karlin stated.

"These figures do not necessarily mean more export cuts are forthcoming, as prior years with similar slow paces saw improvements later in the year," Karlin said. "Conversely, we have also seen years with much higher percent sold and shipped, only to see final exports lower than the Nov WASDE estimate."

The inspections report released Monday morning continued the bearish performance, with corn inspected for export the week ending Nov. 19 totaling just 25.6 million bushels, well below the 42.7 m bu needed to stay on pace.