U.S. net corn export sales were on the high side of the average range last week, thanks to some opportunistic buying from China. Outstanding sales rose almost 1 percent week over week.

China took advantage of March’s drop in U.S. pricing and placed orders for over 3.35 MMT of corn between Mar. 10 and Mar. 30. It is not unusual for China to take the opportunity in March to hedge some of its late-season needs with U.S. corn in case there are supply issues out of South America during the summer, but the high level of purchases this year underlines concern about Argentina’s short crop.

China has yet to place any orders for 2023/24 U.S. corn, however, perhaps an indication of tension with the United States. USDA is projecting China’s 2022/23 corn ending stocks at 207.32 MMT, down 1.82 MMT from the previous season due to lower imports. China has not allowed ending stocks to fall below 200 MMT since 2015, when domestic corn consumption showed a notable increase.

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Source: 123rf.com
Posted by: Information Services
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