Market Perspectives – April 15, 2021

U.S. Export Statistics

Corn:  Net sales of 327,700 MT for 2020/2021 were down 57 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for Japan (178,000 MT, including 76,800 MT switched from unknown destinations and decreases of 1,800 MT ), Mexico (138,900 MT, including 34,000 MT switched from unknown destinations and decreases of 14,500 MT), South Korea (125,900 MT, including 66,000 MT switched from unknown destinations and decreases of 9,100 MT), Taiwan (111,500 MT, including 69,000 MT switched from unknown destinations, 27,200 MT switched from China, and decreases of 500 MT), and Israel (55,200 MT, including 55,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (379,900 MT).  For 2021/2022, net sales of 52,600 MT were reported for Guatemala (25,700 MT), El Salvador (24,400 MT), and Canada (2,500 MT).

Exports of 1,816,300 MT were down 12 percent from the previous week and from the prior 4-week average.  The destinations were primarily to China (520,300 MT), Mexico (450,100 MT, including 34,100 MT – late), Japan (230,800 MT), South Korea (191,400 MT), and Taiwan (123,800 MT).

Optional Origin Sales:  For 2020/2021, options were exercised to export 124,000 MT to South Korea (69,000 MT) and unknown destinations (55,000 MT) from the United States.  The current outstanding balance of 443,800 MT is for South Korea (213,000 MT), unknown destinations (189,500 MT), the Ukraine (32,400 MT), and China (8,900 MT).

Late Reporting: For 2020/2021, exports totaling 34,100 MT of corn was reported late to Mexico.

Barley:  For 2020/2021, no net sales were reported for the week.  Exports of 500 MT were down 6 percent from the previous week, but up 19 percent from the prior 4-week average.  The destination was primarily to Canada (300 MT).

Sorghum:  Net sales of 656,700 MT for 2020/2021–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (601,700 MT, including decreases of 65,300 MT and 659,100 MT – late) and unknown destinations (55,000 MT).  For 2021/2022, net sales of 201,000 MT were reported for unknown destinations (136,000 MT) and China (65,000 MT).  Exports of 860,400 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destination was China (including 659,100 MT – late).

Late Reporting: For 2020/2021, net sales and exports totaling 659,100 MT of sorghum was reported late to China.