Six weeks of strong US corn export sales.

Weekly export sales today cover Fri 5/17 – Thu 5/23 activity.

Including Brazil's shipping advantage export pricing is near parity with the US. What has changed with pricing is Ukraine's significant discount has been narrowed to -$6 per tonne.

Sales of 801,148 tonnes were reported. The trade estimate was 600,000 – 1,000,000. This was the best sale for this specific week in five years. A better than expected sales pattern has been in place for six weeks.

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 -1% from average. The remainder of the year normally holds minimal sales. To meet USDA’s goal remaining sales need to run +32% vs. the five year average. This week was +106% vs. the five year average. The six week pattern has run +93%. On our balance sheet we have moved our view from under USDA to now equal USDA. If this recent pattern continues we may even suggest higher than USDA numbers.

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