U.S. net corn export sales totaled 1.24 MMT during the first three weeks of April, down 50 percent from the five-year average for the period. Sales were offset by 777,400 MT of reductions, including 121,200 MT canceled by Mexico and 130,000 MT by South Korea. The volume of sales to date for this April was close to the level seen in April 2020/21, a season when spring and summer corn sales were anemic.
Shipments of corn fell 17 percent in the last week in April but remained over 1.0 MMT. Mexico is still within its usual peak import period (Mar-May), and U.S. corn exports to Mexico may average around 320,000 MT per week through May.
Total commitments were 38.45 MMT, a bit on the low side for achieving USDA’s current forecast of 47.0 MMT (1.85 billion bushels). Commitments were similarly low at this point in 2019/20, but that year saw pretty strong sales and shipments during May-Jul, which at this point does not seem likely to repeat this year. We may see USDA shave some bushels off the export forecast in the May WASDE, given April’s numbers.
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