Corn posts a steller 12 weeks of great export sales. US price advantage widens.

Weekly export sales today cover Fri 6/28 – Thu 7/11 activity. Including Brazil's shipping advantage export pricing is near parity with the US in the short term. It is important to note the US advantage has now widened for further out. This is quite positive.

Sales of 538,331 tonnes were reported. The trade estimate was 300,000 – 850,000. Though this week's sale was much lower than prior weeks, it is outstanding for this time of year. This week was +154% vs. the five year average of 156,157. This marks a positive pattern in place for 12 weeks!

USDA’s 2.150 billion bushel goal for the year would be even with the five year average pace. Our year to date sales are now +4% with the five year average. Year to date sales come to 2.137 billion. This is important because actual corn shipments generally exceed FAS sales. The weekly FAS report does not capture all sales. The five year average discrepancy is 53 million bushels. This puts the FAS sales goal at 2.097. We have already exceeded our goal for whole-year goal. If remaining sales “fall” to +25% vs. the average we will exceed USDA's goal by 86 million bushels.

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