Corn export sales near the target.

Weekly export sales today cover Fri 7/19 – Thu 7/25 activity. The US and Brazil are near parity on pricing when including their shipping advantage. Positive, with Ukraine's light corn crop declines, their discount has been sharply reduced.

Sales of 167,864 tonnes were reported. The trade estimate was 275,000 – 600,000.

At this time of year, with only 5 weeks and 2 days left in the old crop marketing year our focus is on shipments rather than sales. USDA’s 2.225 billion bushel goal for the year would be +4% vx. the five year average pace. Our year to date shipments are +2% with the average. Remaining sales need to run +28% vs. the average to meet USDA's current goal. This week was +20% vs. average. The prior four weeks were +18%. We will end the year near USDA's goal.

New crop corn sales were reported at 710,888 tonnes. That is far over the 365,412 tonne five year average sale for this week. New crop corn sales, which are not important at this time of year, are on target.

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