By Ryan Hanrahan
The USDA Economic Research Service’s Jennifer Bond, Steven Ramsey, Seth Wechsler and Joshua Huang reported that “U.S. corn export sales have continued at a blistering pace and support a 100-million-bushel month-to-month increase for the 2024/25 marketing year, raising the forecast to a record-high 2,750 million bushels.”
“If realized, 2024/25 corn exports will exceed the 2023/24 estimate by nearly 500 million bushels (22%),” Bond, Ramsey, Wechsler and Huang reported. “Through 300 days of the marketing year, exports sales are nearly on pace to match the previously record-setting level realized for the 2020/21 marketing year. Commitments outstanding sales and shipments as of July 3rd totaled 2.731 billion bushels.”
Elevated exports are supported by sizable year-to-year growth in shipments of U.S. corn to South Korea (+2.6 million metric tons), Mexico (+2.6 million tons), Japan (+2.1 million metric tons), and Spain (+1.8 million metric tons), among numerous smaller gains from a variety of countries many located in South America and the European Union,” Bond, Ramsey, Wechsler and Huang reported.
Source : illinois.edu