Old-crop exports were just over 411,415 MT during the week ending Jul. 20, the smallest volume for the week since July 2013. There is speculation that 2022/23 exports may miss USDA’s most recent forecast of 41.9 MMT, given the slow pace of shipments.
Net sales have picked up a bit over the last few weeks, relatively speaking, as some trade partners laid in a few opportunistic orders during the corn market’s recent dips. Looking at total commitments, USDA’s forecast seems within reach, but the variable is how many outstanding sales will be delivered during this marketing year vs. rolled over into 2023/24.
Sales of new-crop corn remained weak, with just 4.87 MMT under contract as of Jul. 20. In July 2018, sales of 2018/19 corn (a year when exports ended up around the level USDA is projecting for 2023/24) were over 7.1 MMT by this point.
The full version of this commentary appeared on our IQ platform Jul. 27, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers.Learn more about becoming a subscriber.
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