Corn exports for 2019/20 at two-thirds of forecast
Corn export shipments for the week ending Jun. 4 were just over 1.24 MMT (49 million bushels), down roughly 8 percent from the week prior and but above the pace needed to reach USDA’s season forecast of 1.775 billion bushels.
That 2019/20 export forecast remained unchanged in the June WASDE, and it will be interesting to see if exports through summer can keep up the needed pace. Top destinations included Mexico (293,700 MT), South Korea (237,300 MT), and Japan (208,000 MT)
Cumulative 2019/20 exports were just under 30.3 MMT (1.2 billion bushels), roughly two-thirds of USDA’s forecast.
Net corn export sales were 660,727 MT (26.0 million bushels), up 4 percent from the previous week but down 12 percent from the four-week average. Major buyers were Japan (266,900 MT), Colombia (128,700 MT), and South Korea (114,800 MT).
Outstanding sales were just under 10.9 MMT; these began a gradual decline in late April after peaking at about 14.0 MT.
Weekly sales for next MY were just over 25,938 MT, with sales to Peru (40,100 MT), Jamaica (5,000 MT), and Honduras (2,600 MT) partially offset by reductions for Mexico (14,600 MT) and Colombia (7,000 MT).
Weekly outstanding corn export sales by season
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