According to USDA’s Foreign Agricultural Service’s most recent data, net total U.S. corn export sales were close to 1 million metric tons (mmt) for the week ending March 11, the largest weekly volume since February 11.
China purchased a total of 3.076 mmt of U.S. corn on March 16, 17, and 18. Respectively, these sales represented the second-, third-, and fourth-largest single-day U.S. corn sales volumes for marketing year (MY) 2020/21.
At 4.4 mmt, total U.S. white wheat sales for MY 2020/21 are at a 10-year high for the week ending March 11.
Chinese demand for white wheat (for feed and milling use) is the most robust it has been since 2010. Although export sales commitments are subject to cancelation, the strong volume of reported sales is unusual for this time of the year.
The strong volume could point to higher transportation demand in the coming months, if the unshipped export balances materialize as deliveries.
