Market Perspectives – October 29, 2020

U.S. Export Statistics

Corn:  Net sales of 2,243,700 MT for 2020/2021 were up 23 percent from the previous week and 56 percent from the prior 4-week average.  Increases primarily for unknown destinations (763,700 MT), Mexico (496,800 MT, including decreases of 7,000 MT), Japan (483,200 MT, including 11,900 MT switched from unknown destinations and decreases of 58,400 MT), Colombia (187,100 MT, including decreases of 16,300 MT), and Israel (82,500 MT), were offset by reductions for the Dominican Republic (15,500 MT), Costa Rica (13,500 MT), and Canada (7,600 MT).  Exports of 734,200 MT were down 18 percent from the previous week and 14 percent from the prior 4-week average.  The destinations were primarily to Mexico (253,200 MT), China (134,100 MT), Colombia (80,000 MT), Japan (71,400 MT), and Guatemala (62,300 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 322,800 MT were reported for Japan (123,000 MT), unknown destinations (114,000 MT), South Korea (55,000 MT), Ukraine (30,000 MT), and Taiwan (800 MT).  Options was exercised to export 127,000 MT to Argentina from other than the United States.  The current outstanding balance of 1,030,600 MT is for Vietnam (260,000 MT), Taiwan (205,000 MT), unknown destinations (167,600 MT), Ukraine (155,000 MT), Japan (123,000 MT), and South Korea (120,000 MT).

Barley:  No net sales were reported for the week.  Exports of 1,300 MT were to Japan (700 MT), South Korea (300 MT), and Taiwan (300 MT).

Sorghum:  Net sales of 60,800 MT for 2020/2021 resulting in increases for China (118,800 MT, including 58,000 MT switched from unknown destinations and decreases of 2,200 MT), were offset by reductions for unknown destinations (58,000 MT).  For 2021/2022, total net sales of 68,000 MT were for China.  Exports of 56,400 MT were to China.