Market Perspectives – April 1, 2021

U.S. Export Statistics

Corn:  Net sales of 797,300 MT for 2020/2021 were down 82 percent from the previous week and 46 percent from the prior 4-week average.  Increases primarily for Japan (273,100 MT, including 143,700 MT switched from unknown destinations and decreases of 600 MT), Colombia (245,000 MT, including 41,000 MT switched from unknown destinations and decreases of 106,800 MT), Saudi Arabia (139,200 MT, including 74,200 MT switched from unknown destinations), South Korea (123,500 MT, including decreases of 6,500 MT), and Mexico (83,800 MT, including decreases of 24,400 MT), were offset by reductions primarily for unknown destinations (228,800 MT).  For 2021/2022, total net sales of 60,000 MT were for Mexico.

Exports of 1,977,500 MT were unchanged from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to Japan (434,200 MT), Mexico (298,100 MT), China (275,000 MT), Colombia (263,900 MT), and Taiwan (165,900 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 5,300 MT were reported for the China (4,800 MT) and unknown destinations (500 MT).  Options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 830,700 MT is for South Korea (484,000 MT), unknown destinations (244,500 MT), China (69,800 MT), and the Ukraine (32,400 MT).

Export Adjustment:  Accumulated exports of corn to Egypt were adjusted down 58,000 MT for week ending March 18th.  The correct destination was Saudi Arabia.

Barley:  For 2020/2021, net sales of 100 MT were primarily for Taiwan.  Export of 400 MT were down 41 percent from the previous week, but up 22 percent from the prior 4-week average. The destinations were primarily to Taiwan (200 MT) and Canada (200 MT).

Sorghum:  For 2020/2021, net sales of 121,000 MT resulting in increases for China (176,000 MT, including 55,000 MT switched from unknown destinations, decreases of 13,200 MT, and 59,300 MT – late), were offset by reductions for unknown destinations (55,000 MT).  For 2021/2022, total net sales of 63,000 MT were for China.  Exports of 306,300 MT were up noticeably from the previous week and from the prior 4-week average. The destination was China (including 59,300 MT – late).