China Picks Up Corn, Cattle Makes New Contract Highs February 2, 2023
Weekly export sales were released today. This covers 1/20 – 1/26 activity. 1,593,223 tonnes of current crop corn was sold last week. That was over the 600,000 – 1,200,000 expectation. This was +23% vs. the five year average. The prior four weeks averaged -37% vs. normal. To hit USDA’s newly lowered goal sales through August need to run +20% vs. normal. If sales improve to -20% vs. average we’ll miss USDA’s goal by 290 million bushels. If they improve to even we’ll miss their goal by 146 million. We assume another -50 million bushels from USDA on next week’s report.
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