International Corn Market

10-Dec-2024 08:04 AM

International Corn Market
The USDA's recent weekly export inspection data reveals a strong performance in U.S. corn exports for the week ending December 5. At 1.05 million metric tons (41.3 million bushels), exports have shown a significant year-over-year increase of 10.63% and a remarkable 44.72% rise compared to the same week of 2024. Key destinations included:

Mexico: 345,445 metric tons
Japan: 268,790 metric tons
South Korea: 130,676 metric tons
Since the start of the marketing year on September 1, cumulative exports have reached 12.133 million metric tons (477.65 million bushels), up 31.97% from last year and marking the highest level in six years.

Looking ahead, the USDA's upcoming WASDE (World Agricultural Supply and Demand Estimates) report is anticipated to reflect tightening domestic and global corn stocks. Analysts expect U.S. ending stocks to decline by 32 million bushels to 1.906 billion bushels, with estimates ranging from 1.863 billion to 1.938 billion bushels. On a global scale, stocks are projected to fall slightly by 0.57 million metric tons to 304.14 million metric tons.

This combination of strong exports and lower anticipated stock levels suggests a tighter corn supply scenario, which could influence market dynamics in the weeks ahead.