After 12 strong weeks, corn sales return to near-normal.

Weekly export sales today cover Fri 7/12 – Thu 7/18 activity. For near term delivery, with shipping included, Brazil has a price advantage. For extended delivery we are near parity.

Sales of 437,840 tonnes were reported. The trade estimate was 500,000 – 800,000. Though this week's sale was much lower than prior weeks, it is still good for what is normally a low interest time of year. This week was +19% vs. the five year average of 369,471. This comes off a prior 12 week period with amazing sales of +216% vs. the average.

USDA’s 2.225 billion bushel goal for the year would be +4% vx. the five year average pace. Our year to date sales are +4% with the average. If remaining sales fall lightly to +10% vs. the average we'll exceed USDA's goal by 7 million bushels. Based on sales we are on pace/slightly above pace with USDA's newly raised goal.

With now seven weeks left of the old crop marketing year we begin to turn our attention to shipments. Current year to date shipments are only +1% vs. average. Remaining shipments need to improve to +29%. The prior four weeks were +4%. This week's shipment was +32%. Given the fact we had late-year sales, and they'll ship in the coming weeks, we are not too concerned at this point.

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