According to the USDA Export Sales report released this morning, corn bookings in the week ending January 15 stood at 4.01 million metric tons, the largest weekly sales since March 2021. Excluding purchases by China and the bunched-up sales reported during previous government shutdown periods, this was the largest week of corn sales since 1991. Sales were more than double compared to the same week last year. The largest buyer was “unknown destinations” with purchases of 1.242 million metric tons. Japan bought 836,700 metric tons, South Korea purchased 751,500 metric tons, and Mexico accounted for 422,600 metric tons of corn sales.

Sorghum sales totaled 526,800 metric tons.

According to the Commitment of Traders data released this afternoon, managed money trimmed just 450 contracts from their net short position in corn futures and options in the week ending January 20. As a result, the net short position in corn stood at 81,324 contracts.