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Brisk Pace Lifts 2024/25 Corn Export Projection, Lowers Carryout
Ahead of the end-of-June USDA, National Agricultural Statistic Service Grain Stocks report and Acreage report, limited changes to the 2024/25 and 2025/26 balance sheets are described in the mid-June World Agricultural Supply and Demand Estimates (WASDE) report. However, an additional month of U.S. Bureau of the Census shipments data through April, inspections data during the month of May, and current outstanding sales, reveals the continuation of a brisk pace of U.S. corn exports. Through the end of April, 2024/25 corn exports are running about 26 percent ahead of the same time for the prior marketing year. This provides support for old crop corn exports which are raised 50 million bushels this month to 2,650 million, the highest since exports exceeded 2,745 million bushels for the 2020/21 marketing year. U.S. corn exports tend to slow seasonally through the summer months, however, a slight delay in the harvest of Brazil’s safrinha corn crop and slower than expected early-season shipments from Argentina, in combination with the continuation of competitive U.S. corn prices, is providing support for the elevated 2024/25 exports figure.