Market Perspectives – April 26, 2018

U.S. Export Statistics

Corn:  Net sales of 697,100 MT for 2017/2018 were down 36 percent from the previous week and 33 percent from the prior 4-week average.  Increases were reported for Mexico (385,200 MT, including decreases of 1,100 MT), Japan (227,600 MT, including 33,900 MT switched from unknown destinations and decreases of 1,300 MT), Colombia (194,300 MT, including 117,000 MT switched from unknown destinations and decreases of 800 MT), Portugal (61,600 MT, including 60,000 MT switched from unknown destinations), and Peru (33,800 MT, including 31,400 MT switched from unknown destinations).  Reductions were primarily for unknown destinations (203,100 MT), China (67,000 MT), Egypt (50,000 MT), and Taiwan (45,600 MT).  For 2018/2019, net sales reductions of 76,600 MT resulted as increases for Mexico (600 MT), were more than offset by reductions for Japan (77,200 MT).  Exports of 1,701,000 MT were up 7 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Mexico (335,900 MT), South Korea (273,300 MT), Colombia (254,300 MT), Japan (178,900 MT), and Vietnam (139,100 MT). 

Optional Origin Sales:  For 2017/2018, new optional origin sales 50,000 MT were reported for Egypt.  The current optional origin outstanding balance of 763,000 MT is for South Korea (414,000 MT), unknown destinations (179,000 MT), Vietnam (120,000 MT), and Egypt (50,000 MT).

Barley:  There were no net sales or exports reported during the week.

Sorghum:  Net sales of 31,500 MT for 2017/2018 resulted as increases for China (58,000 MT, including 66,000 MT switched from unknown destinations and decreases of 9,400 MT), Mexico (39,000 MT), and Taiwan (500 MT), were partially offset by reductions for unknown destinations (66,000 MT).  Exports of 125,400 MT were up 4 percent from the previous week, but down 29 percent from the prior 4-week average.  The destinations were China (124,400 MT) and Mexico (1,000 MT).