International Corn Market

13-Jun-2025 08:20 AM

International Corn Market
According to the weekly export sales data, a total of 791,327 metric tons of old crop corn were sold in the week ending June 5, the lowest level in the past nine weeks. Japan was the largest buyer, purchasing 376,200 metric tons. Sales to Mexico were 164,400 metric tons and to Colombia 142,500 metric tons. Net sales for the new crop year showed a reduction of 29,550 metric tons. The USDA's monthly WASDE report raised the US export estimate by 50 million bushels. As a result, the old crop US ending stocks also declined by the same amount to 1.365 billion bushels, a bigger cut than the average trade expectation of a 23 million bushel reduction. The new crop carryout was also reduced by the same amount due to the smaller carryover, bringing it down to 1.75 billion bushels. Globally, 2024/25 ending stocks fell by 2.25 million metric tons to 285.04 million metric tons. New crop world stocks were down by 2.6 million metric tons to 275.24 million metric tons. There was no change in the South American crop estimates, with Argentina holding at 50 million metric tons and Brazil at 130 million metric tons, though the market expected an increase of 1.8 million metric tons. CONAB data released this morning estimated the Brazilian corn crop at 128.25 million metric tons, a 1.38 million metric ton increase from the previous estimate, with a 1.2 million metric ton jump in the second crop figure.