Again, best new crop corn sale in 14 years.

Weekly export sales today cover Fri 8/16 – Thu 8/22 activity. There is one week and two days left of the old crop marketing year. Our focus for old crop is on shipments. USDA’s 2.250 billion bushel goal for the year would be +5% vs. the five year average pace. Our year to date shipments are +5%. This last remaining week ahead needs to run +25% vs. the average to meet USDA's current goal. This week was +87% vs. average. The prior four weeks were +36%. We are likely at, or perhaps slightly above, USDA's old crop goal.

For new crop the US holds a very slight price advantage over Brazil after including shipping. The new crop corn sale was positive at 1,494,139 tonnes, more than double the 679,386 five year average. The estimate was 700,000 - 1,400,000. It was the best new crop sale for this week in 14 years. That is the second week in a row we can say that. USDA's new crop export goal is +2% vs. the last five years of non-trade deal exports. Current new crop bookings are +10% vs. those years at this point. Overall, new crop corn bookings are on target.

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