International Corn Market Update

28-Dec-2024 08:12 AM

International Corn Market Update
Last week's export sales data showed U.S. bookings of 1.711 million metric tons (MMT) of corn for the 2024/25 season, exceeding trade estimates of 1-1.6 MMT. This marked a 45.7% increase from the previous week and the highest level in three weeks. Mexico was the largest buyer, purchasing 608,900 metric tons, followed by Colombia with 363,900 metric tons. An additional 10,000 metric tons were sold for the 2025/26 season, entirely to Japan, within the estimated range of 0-50,000 metric tons.
The weekly EIA report released this morning showed a slight increase in ethanol production to 1.107 million barrels per day (bpd) for the week ending December 20, up by 4,000 bpd. Ethanol stocks rose by 438,000 barrels, reaching 23.074 million barrels.
The Buenos Aires Grain Exchange revised Argentina's corn acreage estimate to 6.6 million hectares (16.3 million acres), an increase of 0.3 million hectares (~750,000 acres) from its previous forecast.