Market Perspectives – April 2, 2020

U.S. Export Statistics

Corn:  Net sales of 1,075,400 MT for 2019/2020 were down 41 percent from the previous week and 13 percent from the prior 4-week average.  Increases primarily for Mexico (314,600 MT, including 57,000 MT switched from unknown destinations), Japan (239,000, MT, including 30,800 MT switched from unknown destinations and decreases of 12,400 MT), unknown destinations (170,800 MT), South Korea (136,100 MT, including decreases of 700 MT), and Colombia (97,600 MT, including 98,500 MT switched from unknown destinations and decreases of 8,400 MT), were offset by reductions primarily for Panama (12,600 MT), Guatemala (5,300 MT), and El Salvador (4,000 MT).  For 2020/2021, net sales of 20,300 MT were primarily for Canada (10,200 MT).

Exports of 1,258,500 MT–a marketing-year high–were up 49 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Japan (478,700 MT), Mexico (299,200 MT), Colombia (202,500 MT), South Korea (129,500 MT), and Costa Rica (33,100 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 581,000 MT is for South Korea (521,000 MT) and Israel (60,000 MT).

Barley: Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 800 MT were down 76 percent from the previous week and 23 percent from the prior 4-week average.  The destination was Japan.

Sorghum:  Net sales of 200,200 MT for 2019/2020 resulting in increases for unknown destinations (132,000 MT) and China (77,700 MT, including 66,000 MT switched from unknown destinations and decreases of 2,000 MT), were offset by reductions for Japan (9,200 MT) and Mexico (400 MT).  Exports of 231,200 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to China (198,700 MT), Japan (20,800 MT), and Mexico (11,500 MT).