U.S. corn exports totaled 7.305 million metric tons (MMT) in November, up 55 percent compared to a year ago. That was the largest monthly total since last April. Mexico remained the top importer for U.S. corn, followed by Japan and South Korea. Cumulative shipments for the marketing year that began on Sept. 1 reached 20.85 MMT, sitting nearly 60 percent above the same period last year.

For the marketing year that began in September, shipments to Mexico are largely unchanged compared to the previous year. Meanwhile, substantial growth compared to last season has been observed for exports to Japan, South Korea, as well as the rest of the world.

U.S. soybean exports in November totaled 4.293 MMT, falling 56 percent from the same month last year. That was the lowest November print since 2007 amid reduced demand, particularly from China. Mexico was the top importer for the month, with shipments totaling 549,000 metric tons (MT). Italy was the No. 2 destination at 471,700 MT.

Year-to-date shipments for the season reached 12.5 MMT, falling 44 percent from the same period last year. The lack of demand from China weighed heavily on exports since the beginning of the season. Demand outside of China has been higher this year, with higher year-over-year shipments to Italy, Egypt, Pakistan, and Bangladesh.

Wheat exports totaled 1.617 MMT in November, up 14 percent from a year ago. Shipments were down for a second month as the primary shipping window closed for the season. Indonesia surpassed Mexico as the top export destination for the month after scooping up 252,000 MT. Mexico was the second-largest destination, followed by Nigeria and Japan.

Year-to-date exports for the marketing year reached 22.76 MMT, rising 23 percent above the previous season. Additionally, exports are running at their fastest pace in the past five years, as lower prices drove demand for U.S. wheat. Mexico has been a primary contributor to that growth. Larger shipments to Bangladesh, Nigeria, Indonesia, and Colombia were also a factor.

The U.S. Census Bureau will issue December trade data on Feb. 19. Data reporting should return to its normal schedule in March.

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