Market Perspectives – April 22, 2021

U.S. Export Statistics

Corn:  Net sales of 387,500 MT for 2020/2021 were up 18 percent from the previous week, but down 75 percent from the prior 4-week average.  Increases primarily for Mexico (366,300 MT, including 36,000 MT switched from unknown destinations and decreases of 1,400 MT ), South Korea (134,600 MT, including 68,000 MT switched from China, 65,000 MT switched from unknown destinations, and decreases of 6,100 MT), Japan (103,500 MT, including 17`5,700 MT switched from unknown destinations and decreases of 74,800 MT), Colombia (80,600, including 20,500 MT switched from Panama and decreases of 53,600 MT), and Taiwan (72,800 MT, including 70,000 MT switched from China and decreases of 700 MT), were offset by reductions primarily for unknown destinations (215,800 MT) and China (123,900 MT).  For 2021/2022, net sales of 29,500 MT were reported for Mexico (11,200 MT), El Salvador (7,500 MT), Nicaragua (7,500 MT), and Guatemala (3,300 MT).

Exports of 1,605,700 MT were down 12 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to China (560,100 MT), Mexico (321,100 MT), South Korea (265,000 MT – including 69,200 MT – late), Japan (244,800 MT), and Taiwan (83,900 MT).

Optional Origin Sales:  For 2020/2021, 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 69,200 MT of corn were reported late to South Korea.

Barley:  Total net sales of 100 MT for 2020/2021 were up noticeably from the previous week, but down noticeably from the prior 4-week average.  Increases were for Canada.  Exports of 500 MT were up 5 percent from the previous week, but down 4 percent from the prior 4-week average.  The destinations were Canada (300 MT) and South Korea (200 MT).

Sorghum:  Net sales of 7,000 MT for 2020/2021 were down 99 percent from the previous week and 97 percent from the prior 4-week average.  Increases reported for China (130,000 MT, including 68,000 MT switched from unknown destinations and decreases of 4,800 MT), were offset by reductions for unknown destinations (123,000 MT).  For 2021/2022, total net sales of 116,000 MT were for China.

Exports of 256,300 MT were down 70 percent from the previous week and 27 percent from the prior 4-week average.  The destination was China.