U.S. trade partners appear to be holding off buying 2022/23 corn: Sales were a mere 182,339 MT during the week of Sep. 15 (7.2 million bushels), well below average for the week.
Outstanding sales to Japan were 854,000 MT as of Sep. 15, compared to 1.73 MMT at this point a year ago. Sales to Mexico were closer to average at 4.47 MMT, but Canada had purchased only 32,200 MT, down 95 percent YOY.
A couple weeks into the marketing year, total corn export commitments were around 21 percent of USDA’s export forecast for 2022/23, below the average commitment level for the week but not unheard of. This marketing year’s uncertainties include the impact of La Niña on South American corn and how much corn Ukraine will be able to export after November (when the grain export agreement with Russia expires). Bad news on either front may spur buying of U.S. corn, even at its current high price.
Weekly net corn export sales by marketing year
Weekly pricing of major corn exporters
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