IARN — Sales of U.S. new crop corn have surged during the month of May.
Reports say China has led that charge, purchasing over 420 million bushels of new crop corn this month. China ended a six-day streak of U.S. purchases on Friday, says Matt Bennett of AgMarket.Net.
“It’s been an interesting week,” said Bennett. “This week, corn has bounced back and has actually shown more life than the bean market. Pretty interesting to see daily sales pretty much on a daily basis to China, and usually it’s over a million tons per day.”
With the solid export sales continuing, Bennett says the other key market driver will be U.S. weather.
“The forecast is trying to put some rain into the Northern Plains, Iowa, and other areas that need it,” said Bennett. “Some of these folks that have said they have gotten rain, some of them have not. It will be interesting to see how these rains transpire over the next several days.”
Bennett says the overall feeling for the U.S. crop is that it has gotten off to a good start, especially considering how cold it was this spring.
Story of the Iowa Agribusiness Radio Network.
Image source: Wikimedia Commons
