Chinese Purchases Give Corn A Boost March 16, 2023
Weekly export sales were released on Thursday. This covered 3/3 – 3/9 activity. For clarity, the three days of Chinese buys are not included in these numbers. 1,236,177 tonnes of current crop corn was sold in the prior week. That was within the 700,000 – 1,500,000 expectation. This was +2% vs. the five year average. The prior four weeks averaged -12% vs. normal. To hit USDA’s goal sales through August need to run +21% vs. normal. If sales run -20% vs. average we’ll miss USDA’s goal by 183 million bushels. If they improve to even we’ll miss their goal by 93 million.
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