US Corn Export Sales Forecast at Record Levels

By Ryan Hanrahan

The USDA Economic Research Service’s Jennifer Bond, Steven Ramsey, Seth Wechsler and Joshua Huang reported that “U.S. corn export sales have continued at a blistering pace and support a 100-million-bushel month-to-month increase for the 2024/25 marketing year, raising the forecast to a record-high 2,750 million bushels.”

“If realized, 2024/25 corn exports will exceed the 2023/24 estimate by nearly 500 million bushels (22%),” Bond, Ramsey, Wechsler and Huang reported. “Through 300 days of the marketing year, exports sales are nearly on pace to match the previously record-setting level realized for the 2020/21 marketing year. Commitments outstanding sales and shipments as of July 3rd totaled 2.731 billion bushels.”

Elevated exports are supported by sizable year-to-year growth in shipments of U.S. corn to South Korea (+2.6 million metric tons), Mexico (+2.6 million tons), Japan (+2.1 million metric tons), and Spain (+1.8 million metric tons), among numerous smaller gains from a variety of countries many located in South America and the European Union,” Bond, Ramsey, Wechsler and Huang reported.