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

Updated Jul 14, 2023
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 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.Wheat came out at 395,700 tons (14.5 million bushels). Mexico purchased 146,600 tons and Indonesia bought 63,000 tons, but unknown destinations canceled on 123,000 tons. Just over a month into the 2023/24 marketing year, wheat exports are 184.4 million bushels, compared to 259.9 million early in 2022/23.Corn was reported at 468,400 tons (18.4 million bushels), up 86% from the week ending June 29th and considerably larger than the four-week average. Mexico picked up 273,300 tons and Canada purchased 111,800 tons. In the final quarter of the 2022/23 marketing year, corn exports are 1.555 billion bushels, ...
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