Old crop corn, sorghum export sales up on week in the US

Old crop U.S. corn export sales shot higher during the week ending July 6th. The USDA says the total of more than 18 million bushels of U.S. corn was up 86% from the previous week, with more than half of that to Mexico. New crop sales also topped 18 million bushels, mainly to Mexico and Canada. That’s in contrast to most other major commodities posting week-to-week declines, including significant decreases in old crop soybeans, soybean meal, and cotton, along with beef and pork. Exports are driven by several factors including the value of the U.S. dollar relative to other currencies and seasonal supply and demand trends. The USDA’s next set of supply and demand estimates is out August 11th.Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1st, 2023, while 2022/23 got underway August 1st, 2022 for cotton and rice, September 1st, 2022 for beans, corn, and sorghum, and October ...