Net 2022/23 corn export sales turned negative again during the week ending May 11, thanks to almost 440,000 MT of combined order reductions from China, Mexico, and others. Sales were a net negative for the second time in three weeks.

While world interest may be waning for additional purchases of old-crop corn, exporters shipped almost 1.09 MMT during the week, right around the necessary weekly volume to hit USDA’s revised 2022/23 forecast of 45.09 MMT (1.775 billion bushels). USDA lowered the export forecast by 75 million bushels in the May WASDE to reflect the current level of export commitments (sales+shipments), but sales will need to pick up a bit to hit even this lower projection.

Sales of new-crop 2023/24 corn have yet to kick into high gear, with just 2.70 MMT in outstanding sales as of May 11. Mexico’s orders are around expectations, but China’s lack of interest is apparent with 272,000 MT under contract vs. 2.72 MMT as of this time last year. Japan’s new-crop orders were 473,226 MT, down 14 percent YOY.

The full version of this commentary appeared on our IQ platform May 18, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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