Strong Export Demand supports Old crop Corn Futures Prices

Export demand for corn and sorghum has been a major force supporting a modest rally in old crop corn futures prices since the late winter. China has been a major swing factor increasing US sorghum purchases at the expense of  US corn. Combined US corn and sorghum old crop export commitments totaled 2.2 billion bushels as of 5/23/2024, well ahead of the year earlier pace and near the top end of the historical range except for the “China crop years”  of 2020/21  and 2021/22.

Midwest weather will likely dominate corn futures trading over the next three months, but strong export demand could support a higher price floor in the case of a corn-sorghum crop outlook exceeding USDA’s May projection, or accelerating a price rally  if production prospects fall significantly short of late spring expectations.