Corn export sales struggle.

Today's report covers activity from 9/13 - 9/19. Corn export sales this past week were 535,056 tonnes. The trade estimate was 600,000 - 1,300,000.

When including Brazil's shipping advantage US corn is at parity or just below Brazil pricing.

USDA's current goal for the year is 2.300 billion bushels. That would be +5% vs. the prior five year average. Current crop sales are -10% from the five year average. To meet USDA's current goal the remainder of the year would need to run +12%. Today's sale was much under that at -34%. It is too early in the year to make high confidence claims about exports. Our starting bias is for final exports to meet or likely exceed USDA's current view. That is not shown by recent activity though.

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