Market Perspectives – April 11, 2024

U.S. Export Statistics

Corn

Net sales of 325,500 MT for 2023/2024 – a marketing-year low – were down 66 percent from the previous week and 72 percent from the prior 4-week average. Increases primarily for Japan (221,100 MT, including 128,400 MT switched from unknown destinations and decreases of 65,000 MT), Mexico (191,400 MT, including 50,000 MT switched from unknown destinations and decreases of 8,200 MT), South Korea (139,400 MT, including 132,000 MT switched from unknown destinations), China (66,400 MT, including 65,000 MT switched from unknown destinations), and Venezuela (25,300 MT, including decreases of 6,900 MT), were offset by reductions primarily for unknown destinations (261,700 MT). Net sales of 9,500 MT for 2024/2025 were reported for Nicaragua (6,000 MT) and Honduras (3,500 MT). Exports of 1,556,800 MT were down 5 percent from the previous week, but up 10 percent from the prior 4-week average. The destinations were primarily to Mexico (672,500 MT), Japan (398,600 MT), South Korea (139,500 MT), Taiwan (79,400 MT, including 68,000 MT – late), and China (66,500 MT).

Barley

No net sales or exports were reported for the week.

Sorghum

Net sales of 5,200 MT for 2023/2024 were down 55 percent from the previous week and 80 percent from the prior 4-week average. Increases reported for China (73,200 MT, including 68,000 MT switched from unknown destinations and decreases of 1,800 MT), were offset by reductions for unknown destinations (68,000 MT). Exports of 145,000 MT were unchanged from the previous week, but up 41 percent from the prior 4-week average. The destination was China.