12/06/2024 Exports Impress, Cattle Walking Backward

On the Grains
Two of the greatest sporting events were on TV last night, the Green Bay Packers and the start of the National Finals Rodeo. Unfortunately, the Packers did not pull it off, but all is not lost, it is Friday after all.
 
Yesterday’s Export weekly sales of corn were 68.2 million bushels (mbu) well above last week’s 41.8 mbu and the previous year’s same week of 50.7 mbu. Total commitment of 1.34 billion bushels are up 33% year-over-year while USDA has this year’s sales projected at 1.4% increase. The balance of year (BOY) needs to average 22.5 mbu/wk which would be down from LY 33.3 mbu. The bottom line is that corn exports are on fire, we won’t know until January 20th if this is front-loading or if we have seen price drive additional demand to the U.S. I foresee the USDA slow playing the balance sheet next week, we will see somewhat of an increase, but I wouldn’t expect a huge jump until more is known.