U.S. corn exports weaken but outlook remains positive
Corn export sales dropped sharply in October: Net sales for the weeks of Oct. 18 and Oct. 25 were each less than 400,000 MT at 13.8 and 15.5 million bushels, respectively. The volume that sold continues to move briskly, however. Cumulative shipments as of Oct. 25, at 9.2 MMT (364.0 million bushels), were up 76 percent from last season to date.
Despite the slowdown in sales, corn exports, unlike soybeans, may have an optimistic outlook. Low prices have drawn in many less typical destinations. For next crop year, the soybean-to-corn ratio strongly favors corn, which will most likely encourage an increase in U.S. corn acreage. Brazil, on the other hand, will most likely increase soybean plantings at the expense of corn, making each country more competitive on one crop.
Cumulative U.S. corn exports by season
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