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Private exporters reported sales of 175,000 metric tons of corn for delivery to Mexico during the 2023/2024 marketing year. This the first daily sales flash since December 19th, nearly a month ago. And the first of 2024.
Grain and oilseed traders continue to consolidate prices ahead of tomorrow’s big USDA data dump tomorrow at noon. Data to watch will include USDA’s adjustments to the size of the 2023 corn and soybean crops, adjustments to South American corn and soybean production estimates in light of this year’s weather pattern, U.S. export estimates, and potential surprises in USDA’s quarterly grain stocks survey results, and potential surprises in the results of USDA’s winter wheat seedings reports.
Weekly exports this morning also added fuel to this fire of demand concerns as sales totals were abysmal during the first week of 2024. Seasonally, sales pace is typically slow during the 2 weeks of holidays. However, the US export window is quickly closing as the new South American crop inches closer to harvest. Corn sales of 487,600 mt's were at the lower end of trade expectations. YTD sales are currently running 37% ahead of last year. Soybean sales were seen below trade expectations. YTD sales are currently running 17% behind last year. Wheat sales this morning came in well below the lower end of expectations. China was the only real buyer for the week, booking 137,200 mt's. YTD sales are currently running 2% ahead of last year.
Floyd and I will be speaking at the Soil & Crop Meeting tomorrow! We hope to see you there!
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