U.S. 2022/23 corn exports saw their strongest week to date during the week of Mar. 2, with over 1.05 MMT shipped. Sales were also good, at 1.41 MMT. Total commitments stood at 30.65 MMT (1.21 billion bushels).
High exports during the week of Mar. 2 rested on Mexico taking its largest set of deliveries so far this season; shipments should remain seasonally strong during spring. Mexico is not adding much to its outstanding orders, which are on the high side.
Mexico has clarified that its upcoming ban on imports of bioengineered corn affects only corn imported for human consumption in the form of masa or tortillas—this to Mexico means white corn, most of which it produces domestically already. Imports of yellow corn for animal feed or industrial use (such as wet milling), however, might see a gradual phase-out depending on availability of non-GMO supply. This ambiguity about the place of U.S. yellow corn in our top export market has led the U.S. Trade Representative to request meetings to clarify Mexico’s policy. If necessary, the next step would be to take the dispute to a USMCA settlement panel.
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