USDA confirms new crop expectations. Lowered concerns with Russia/Ukraine. February 24, 2023
Weekly export sales were released today. This covers 2/10 – 2/16 activity. 823,177 tonnes of current crop corn was sold last week. That was within the 500,000 – 1,300,000 expectation. This was -23% vs. the five year average. The prior four weeks averaged -8% vs. normal. To hit USDA’s goal sales through August need to sharply improve to +27% vs. normal. If sales are -20% vs. average we’ll miss USDA’s goal by 278 million bushels. If they improve to even we’ll miss their goal by 161 million.
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