Mexico ranks seventh in US corn purchase

The seventh-largest sale of US corn is made up of Mexico's purchase of 822,960 tonnes, said a preliminary review of USDA records on Tuesday (Jun 7).

The deal, which called for delivery of the corn in the next two marketing years, was worth US$210 million based on futures prices for 2011/12 and 2012/13. Futures prices in the out years are much lower than spot corn prices.

The sale to Mexico apparently would rank just behind the March 25 sale of 1.25 million tonnes of corn to an unspecified buyer, later identified as China. USDA said it was updating its list of largest corn sales and could not be definitive immediately.

Exporters said the sale to buyers in Mexico call for delivery of 548,640 tonnes during the 2011/12 marketing year and 274,320 tonnes during 2012/13. The 2011/12 marketing year opens on September 1.