US corn pricing helps export sales.

The new crop year for corn started on September 1. Today's report gives us wrapped up activity for the old crop year and updates on current crop sales as of September 5.

USDA's Foreign Agricultural Service reported old crop shipments as of 8/31 at 2.137 billion bushels. FAS required reporting does not capture all sales. In the prior five years there was a 109 million bushel discrepancy between FAS shipments and WASDE exports.. That would put ending exports likely at 2.246 billion, slightly under USDA's current view of 2.250

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 come to 526 million bushels. This is -9% under the five year average of 577. Officially, we would be below the needed goal. However, it must be noted two years were quite distorted by the phase one trade deal. If you do a five year average excluding those two USDA's current year goal would be +13% vs. the selected five year average. Our current sales are +20% vs. the selected five year average. USDA's current goal is just fine.

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