Corn International Markets

13-Dec-2024 08:07 AM

Corn International Markets
The corn export market faced challenges this week, as the latest U.S. export sales report for the 2024/25 marketing year revealed a significant decline in bookings. Total sales reached 946,863 metric tons (MT), marking an 11-week low and falling short of the projected range of 1.1 to 1.9 million metric tons (MMT) for the week ending December 5th. Compared to the previous week, sales were down by 45.3%, and they fell 33.3% below levels from the same week last year. Colombia emerged as the largest buyer, securing 257,900 MT, followed by Mexico with 194,900 MT.
On the production front, Brazil's corn estimates were slightly adjusted in the latest report from CONAB. Total production was pegged at 119.63 MMT, reflecting a minor decrease of 0.18 MMT from the previous month's estimate. This reduction was attributed solely to a decline in the first crop's output, as the forecast for the second crop remained steady at 94.63 MMT.
These developments highlight continued market volatility, with export demand softening and minor adjustments in global supply projections.