Cash Strategist 6/14/2023
Concerns are growing over the recent downturn in U.S. export sales, particularly in relation to new crop sales. Currently, the U.S. has recorded new crop export sales of 116.5 million bushels for corn, a figure that stands at just 49% of last year's sales for the same period.
Even more alarming is the emergence of cancellations of prior corn sales. New crop soybean sales are similarly dismal, totaling 114.5 million bushels, a far cry from the 414.7 million bushels recorded last year. In the past decade, only the years 2019 and 2020 have seen lower new crop commitments at this point in time.
One factor contributing to the slow pace of export demand is the price disparity between the U.S. and other participants in the global supply chain.
This discrepancy is particularly apparent in soybeans, with Brazilian offers at...
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