International Corn Market

09-May-2025 08:23 AM

International Corn Market
USDA reported a private export sale of 205,000 metric tons (MT) of corn this morning, with 40,000 MT for the 2024/25 marketing year and 165,000 MT for 2025/26, sold to Mexico. In addition, 115,000 MT was sold to "unknown destinations" under the old crop category.
According to the Export Sales data released this morning for the week ending May 1, total old crop corn sales reached 1.662 million metric tons (MMT), marking a 19-week high and 87% above the same week last year. Japan was the top buyer with 338,500 MT, followed by Taiwan with 283,400 MT and Spain with 240,500 MT. New crop sales were just 18,000 MT.
Ahead of Monday’s WASDE report, analysts expect the USDA to trim old crop U.S. carryout by 22 million bushels to 1.443 billion bushels, while the first estimate for new crop carryout is projected at 2.02 billion bushels.
Overnight, several South Korean importers purchased 137,000 MT of corn. The U.S. also announced a trade agreement with the United Kingdom on Thursday, which includes expanded market access for U.S. ethanol exports.