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Net 2023/24 US corn export sales were 1.32 MMT in the first two weeks of September, with China absent from the market. Sales to Mexico were 5.5 MMT, up from 4.5 MMT a year earlier.
USDA projects Mexican corn imports of 18 MMT in 2023/24.
Lackluster total sales with China absent are bearish for near-term US corn export demand, partly offset by stronger Mexican purchases that support the outlook.
mckeany-flavell.comBarbara BrodnitzOct 3, 2023After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
