(NDAgConnection.com) – Corn and soybean prices are near record highs, but the United States has sold record volumes of their staple crops for export in the upcoming cycle, potentially indicating demand will remain strong into 2023. That trend also likely reflects concerns from top buyers like China that global supplies may continue to run tight for at least another year. That could keep U.S. exports elevated for a third consecutive year given successful summer harvests.

As of April 21, U.S. exporters had sold 14.95 million tonnes (560 million bushels) of corn and soybeans for shipment in the 2022-23 season starting Sept. 1. That is 63% more than a year ago, when volumes were at multiyear highs, reports Reuters.

Both crops have equally driven that surge and are independently on record paces. New-crop corn sales at 4.2 million tonnes are up 61% on the year and soybeans are up 64% at 10.7 million.

China took over as top U.S. corn buyer in 2020-21, but traditional lead customer Mexico is atop the list for both current and upcoming year bookings with 1.72 million tonnes purchased for 2022-23. China bought 1.56 million as of April 21 and has secured at least 612,000 tonnes since.