During the first nine weeks of the year, the U.S. sold a record 650 million bushels of corn. After a sluggish start to the year, demand has picked up as Argentina struggles with crops and Brazil is mostly focused on exporting soybeans. Out of the 18 MMT lined up at Brazilian ports, only 1 MMT is corn. Brazil’s second corn crop, or safrinha, will not be harvested until June, so the U.S. will most likely keep capturing most demand. CONAB is projecting total Brazilian corn production at 87.3 MMT, 13 percent below the year prior.
Outstanding U.S. corn export sales