Market Perspectives – April 12, 2018

U.S. Export Statistics

Corn: Net sales of 839,900 MT for 2017/2018 were down 7 percent from the previous week and 46 percent from the prior 4-week average. Increases were reported for Japan (315,100 MT, including 107,800 MT switched from unknown destinations and decreases of 15,600 MT), Vietnam (187,200 MT, including 176,000 MT switched from unknown destinations), Mexico (147,700 MT, including decreases of 2,800 MT), Egypt (144,000 MT, including 40,000 MT switched from unknown destinations), and Saudi Arabia (125,800 MT, including 60,000 MT switched from unknown destinations and decreases of 300 MT). Reductions were primarily for unknown destinations (429,500 MT). For 2018/2019, net sales of 56,000 MT were for Mexico. Exports of 1,912,100 MT–a marketing-year high–were up 51 percent from the previous week and 41 percent from the prior 4-week average. The destinations were primarily to Japan (435,000 MT), Mexico (365,400 MT), Vietnam (247,200 MT), Saudi Arabia (130,800 MT), and Colombia (123,700 MT).

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 783,000 MT is for South Korea (484,000 MT), unknown destinations (179,000 MT), and Vietnam (120,000 MT).

Barley: Net sales of 500 MT were reported for South Korea. Exports of 1,200 MT were primarily to Japan (1,200 MT).

Sorghum: Net sales of 8,700 MT for 2017/2018 resulted as increases for China (127,700 MT, including 120,000 MT switched from unknown destinations and decreases of 1,500 MT) and Japan (1,000 MT), were partially offset by reductions for unknown destinations (120,000 MT). Exports of 197,000 MT were up 14 percent from the previous week, but down 4 percent from the prior 4-week average. The destinations were China (186,000 MT) and Japan (11,000 MT).