Market Perspectives – April 16, 2020

U.S. Export Statistics

Corn:  Net sales of 906,600 MT for 2019/2020 were down 51 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Japan (290,100 MT, including 39,200 MT switched from unknown destinations and decreases of 3,400 MT), Mexico (206,400 MT, including decreases of 8,800 MT), Colombia (134,200 MT, including 78,000 MT switched from unknown destinations), unknown destinations (125,400 MT), and Saudi Arabia (65,000 MT), were offset by reductions primarily for Jamaica (22,000 MT), South Korea (7,000 MT), and the French West Indies (6,600 MT).  For 2020/2021, net sales of 62,900 MT were primarily for unknown destinations (30,000 MT), Jamaica (22,000 MT), and Canada (10,200 MT).

Exports of 1,222,100 MT were down 5 percent from the previous week, but up 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (348,800 MT), Japan (262,100 MT), South Korea (254,200 MT), Colombia (175,100 MT), and the Dominican Republic (61,200 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 130,000 MT were for South Korea.  The current outstanding balance of 711,000 MT is for South Korea (651,000 MT) and Israel (60,000 MT).

Barley: No net sales or exports for 2019/2020 were reported for the week.

Sorghum:  Net sales of 74,300 MT for 2019/2020 resulting in increases for China (137,800 MT, including 131,000 MT switched from unknown destinations), South Korea (53,000 MT), and Japan (10,000 MT), were offset by reductions primarily for unknown destinations (126,300 MT).   Exports of 147,000 MT were up noticeably from the previous week and up 72 percent from the prior 4-week average.  The destinations were to China (135,800 MT) and Mexico (11,300 MT).