It is no secret that overseas demand for U.S. corn has been downright terrible as of late, and relief does not seem likely in the immediate term as purchase commitments remain dismal, reports Reuters.
Forward sales for U.S. soybeans are nothing to brag about either, but soy exporters have enjoyed more success recently than those for corn.
U.S. corn business has been hammered in recent months by abundant and cheaper-priced supplies in competitor countries. A record-large crop in Brazil has led to unprecedented corn exports in recent months.
For soybeans, sales to China are up more than five times versus the year-ago volume, but all other purchases are down sharply from last year’s record, when the trade war with China put U.S. soybeans on sale to the rest of the world.
Read the full market report at Reuters.