Market Perspectives – April 5, 2018

U.S. Export Statistics

Corn: Net sales of 898,300 MT for 2017/2018 were down 34 percent from the previous week and 50 percent from the prior 4-week average. Increases were reported for South Korea (195,400 MT, including 65,000 MT switched from unknown destinations and decreases of 9,000 MT), Mexico (193,100 MT, including decreases of 15,100 MT), Taiwan (176,000 MT), Japan (135,500 MT, including 57,000 MT switched from unknown destinations and decreases 12,900 MT), and Saudi Arabia (77,400 MT, including 65,000 MT switched from unknown destinations and decreases of 2,600 MT). Reductions were primarily reported for unknown destinations (187,800 MT). For 2018/2019, net sales of 11,000 MT were reported for Mexico. Exports of 1,265,700 MT were down 8 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to South Korea (331,400 MT), Japan (260,500 MT), Mexico (165,200 MT), Spain (138,500 MT), and Taiwan (87,700 MT).

Optional Origin Sales: For 2017/2018, new optional origin sales of 70,000 MT were reported for South Korea. Options were exercised to export 68,000 MT to South Korea (68,000 MT) from the United States. The current optional origin outstanding balance of 783,000 MT is for South Korea (484,000 MT), unknown destinations (179,000 MT), and Vietnam (120,000 MT).

Barley: No net sales were reported for the week. Exports of 600 MT were reported to Japan (500 MT) and Taiwan (100 MT).

Sorghum: Net sales of 5,000 MT for 2017/2018 resulted as increases for China (71,000 MT, including 66,000 MT switched from unknown destinations), were partially offset by reductions for unknown destinations (66,000 MT). Exports of 173,100 MT were down 18 percent from the previous week and 28 percent from the prior 4-week average. The destination was China.