The US exported 213,252 Mt/d of corn in May, or 43% above a year ago. Stresses on US crops are continuing amid hot and dry weather, and another cut in USDA corn & bean ratings is possible next week. Uncertainty over drought prospects are keeping prices elevated, but more favorable weather is possible as the summer progresses. The NWS projects equal chances of above- or below-normal temperatures across most of the US corn belt through August, which could set up for favorable export numbers in coming months.
US exports may be counted on to a larger degree by countries such as Japan, which receives large quantities from both the US and Brazil. The US accounts for most of Japan’s corn supply until July or August, when Brazil takes over. Brazilian corn exports usually show small numbers in May and June before ramping up considerably in July. But there are some worries over the size of the Brazilian crop this year, and there have not been any exports since April’s 3,055 Mt/d. There were 21,502 Mt/d exported last June, and 120,382 Mt/d in July.