International Corn Market Update

17-Jan-2025 08:07 AM

International Corn Market Update
The USDA reported a private export sale of 135,000 MT of corn to Taiwan for 2024/25 shipment.
In the USDA's Export Sales report released today, sales of 1.024 MMT of 2024/25 corn were recorded for the week ending January 9. This exceeded analysts' expectations of 0.5 to 1 MMT. The figure was significantly higher than the previous week but 18.1% lower than the same week last year.
Japan was the largest buyer with 281,300 MT, followed by South Korea with 281,200 MT and Mexico with 234,400 MT. A net cancellation of 409,400 MT was reported for unknown destinations, most of which were switched to a known destination.
The International Grains Council has reduced its global corn production estimate by 6 MMT and cut ending stocks by 4 MMT to 272 MMT, which is 20 MMT lower than last year.