Corn export sales within expectations, more are needed though.

Weekly export sales today cover Fri 1/19 – Thu 1/25 activity.

Sales of 1,206,718 tonnes were reported. The trade estimate of 800,000 – 1,300,000. USDA’s current 2.100 billion bushel goal for the year would be -2% from the five year average pace. Our year to date sales are -3% from average. To meet USDA’s goal remaining sales need to run -1% vs. the five year average. This week's sale was a light miss at -6% from average. The prior four weeks were -2%. US export prices have an advantage over BZL on a flat price basis. Considering shipping it is about even.

If sales run +10% through August we'll be 78 million bushels over USDA. If sales run -10% then we'll miss by -67. Allendale has lowered our view from +50 million bushels vs. USDA to now +25.