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US corn net sales for the week came in at 4.48 million mt for the current marketing year, with Chinese buying bringing the total to about 65 million mt. A private exporters report also showed Japan booking 110,000 mt.
Analysts expect USDA to raise its export estimate toward 2.8 billion bushels (about 71 million mt) in its April update.
Export sales running ahead of USDA's forecast point to tighter US old-crop corn supplies and support corn prices. A higher export estimate would reduce carryout expectations.
fastmarkets.comTimothy WorledgeMar 26, 2021After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Record weekly US corn net sales of 4.48 mt driven by China and expectations of higher export estimates supported demand-driven price strength at the end of the window.
