Market Perspectives – April 30, 2020

U.S. Export Statistics

Corn:  Net sales of 1,356,700 MT for 2019/2020 were up 87 percent from the previous week and 19 percent from the prior 4-week average.  Increases primarily for Mexico (544,700 MT, including decreases of 30,700 MT), Japan (199,000 MT, including 88,600 MT switched from unknown destinations and decreases of 51,500 MT), South Korea (196,900 MT, including 60,000 MT switched from unknown destinations and decreases of 2,800 MT), Israel (154,000 MT), and Colombia (136,600 MT, including 43,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (83,000 MT) and the Dominican Republic (3,800 MT).  For 2020/2021, net sales of 339,000 MT were primarily for Mexico (288,200 MT), Jamaica (24,000 MT), and Japan (21,300 MT).

Exports of 1,051,500 MT were up 27 percent from the previous week, but down 9 percent from the prior 4-week average.  The destinations were primarily to Japan (405,000 MT), South Korea (263,200 MT, late reporting 67,300 MT), Mexico (190,100 MT), Colombia (52,500 MT), and the Dominican Republic (31,600 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 130,000 MT were reported for Vietnam.  Options were exercised to export 134,000 MT to South Korea from the United States.  The current outstanding balance of 707,000 MT is for South Korea (517,000 MT), Vietnam (130,000 MT), and Israel (60,000 MT).

Barley: Net sales of 300 MT for 2019/2020 were reported for South Korea.  No exports were reported for the week.

Sorghum:  Net sales of 306,000 MT for 2019/2020 resulting in increases for China (318,700 MT, including 132,000 MT switched from unknown destinations) and Japan (9,500 MT, including decreases of 800 MT), were offset by reductions for unknown destinations (22,000 MT) and Mexico (300 MT).  Exports of 220,900 MT were up 66 percent from the previous week and 70 percent from the prior 4-week average.  The destinations were primarily to China (200,200 MT) and Japan (19,500 MT).