U.S. Corn Export Sales Surge

Export sales of U.S. corn have surged, fueled largely by new sales to Mexico.

In its latest report Thursday, the USDA reported that for the week ended Dec. 9, corn sales totaled 1.95 million metric tons in the 2021/22 marketing year, up 72% from the previous week and a marketing year high. 754,400 tons of corn were sold in the 2022/23 marketing year as well.

The combined total of sales–2.7 million tons–across both marketing years is well up from last week’s total of 1.13 million tons. It is also at the high end of forecasts from grain traders surveyed by The Wall Street Journal this week, who had forecast sales to be anywhere from 1 million tons to 2.8 million tons.

Mexico was the primary buyer of U.S. corn this week–purchasing 2.04 million tons across both marketing years. Other leading buyers were Canada, Japan, and Venezuela.

Wheat sales were also at a marketing-year high this week, at 650,600 metric tons. In pre-market trading Thursday, CBOT corn futures are up 0.2%, while wheat is down 0.2%.

MarketWatch

Tags: Japan, Venezuela, corn, export, Canada, Mexico, wheat, USA