Corn Exports Comments – 02/04/21

The big corn export sales to China talked about for several weeks showed in this week’s export sales report. The accompanying scatter study displays crop year US corn exports as a function of export sales at the end of January. US corn sales for 2020/2021 delivery totaled 2.2 billion bushels on January 28  which is record large for that date. The USDA estimates exports for the entire season at 2.55 billion bushels.

China has purchased almost 700 million bushels (end of January)  of US corn for 2020/2021   delivery compared to only two million bushels at the same time in 2020. 

The USDA’s 2020/2021 corn export estimate  appears to have fully  accounted for Chinese purchases to date, but additional buys and/or sales to other destinations so far squeezed out by China could push crop year corn exports larger than USDA’s January projection.