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Corn Exports Set Marketing Year High

Corn export sales reached a marketing year high in the latest with, with big purchases by Mexico and Japan helping the U.S. record 65 million bushels of old and crop bookings.

The purchases by Mexico were not unexpected – their crop was hit hard by a recent frost. But the strong purchases by Japan came despite attempts by the importer to substitute cheaper feed wheat in rations.

This week’s totals cap a strong month for corn exports, when business rebounded after a slow start to the marketing year. Total commitments are above the pace needed to reach USDA’s forecast for the marketing year, and shipments are also starting to pick up.

Wheat sales also were brisk in the latest week at almost 41 million bushels. A variety of countries out of Asia and the Middle East were in for one or more cargoes, with some buying of new crop wheat also noted. Soft red winter wheat sales finally began to pick up thanks to aggressive purchases by Egypt, the leading buyer for the week.

Soybean sales continue to wind down for the marketing year, with China reported buying aggressively from South America this week. Still, China took 14.9 million bushels of old crop, though the purchases appeared to be mostly switched from unknown destinations, with several other loads cancelled. USDA today also announced the sale of 6.1 million bushels of new crop to China under its daily reporting system for larger purchases.

For the complete export report, click here.