FAS corn sales exceed the whole year's goal.

Weekly export sales today cover Fri 6/21 – Thu 6/27 activity. Including Brazil's shipping advantage export pricing is near parity with the US. Ukraine's discount is $10 per tonne.

Sales of 357,152 tonnes were reported. The trade estimate was 500,000 – 900,000. Though this week's sale was much lower than prior weeks, it is outstanding. Minimal old crop sales are normally seen at this time of year. This week was +129% vs. the five year average of 156,157. This marks a positive pattern in place for 11 weeks that has run +123% vs. average.

USDA’s 2.150 billion bushel goal for the year would be even with the five year average pace. Our year to date sales are now +3% with the five year average. Year to date sales come to 2.115 billion. This is important because actual corn exports exceed FAS sales. The five year average discrepancy is 53 million bushels. We have already exceeded our goal for whole-year FAS sales, 2.097. If remaining sales “fall” to +25% vs. the average we will exceed USDA's goal by 75 million bushels.

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