“The Argentine government outlined their plans to lower corn export taxes from the current 8.5% to 7.5% by the end of 2027, then to 5.5% in Dec. ’28. U.S. export sales at 45 mil. bu. was at the low end of expectations. Old crop commitments at 3.219 bil. bu. are up 26% from YA, vs. the USDA forecast of up 15.5%. Japan bought 13 mil., Mexico 10 mil. while The Republic of Korea bought 8 mil. Costa Rica bought nearly 5 mil. bu. of new crop. We are starting to see some building of new crop export commitments. At 126 mil. bu., they are the highest in four years. However, they remain historically low.” Mark Soderberg of ADM Investor Services said.