U.S. corn exports during the week ending Jun. 22 fell to a 20-week low as average shipments to Mexico could not offset very light trade activity with other usual partners and shipments to China fell to just 9,000 MT. 

USDA lowered 2022/23 corn exports to 43.8 MMT (1.725 billion bushels) in the June WASDE, the lowest since 2012/13. With a little over two months left in the marketing year and with Brazil busy shipping its extensive inventory, we don’t expect to see unusual late-season strength in U.S. corn purchasing.  

Sales of new-crop 2023/24 corn were behind average pace as of Jun. 22, with a total of 3.2 MMT under contract, the lowest level since 2016/17. Sales to Mexico, at 2.1 MMT, were moving along at a good pace, but China had booked only 272,000 MT, just 10 percent of new-crop purchases this time last year. 

The full version of this commentary appeared on our IQ platform Jun. 29, 2023. Further information, statistics, and pricing for the corn market are available to IQ subscribers. Learn more about becoming a subscriber.

Source: 123rf.com
Posted by: Information Services
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