Market Perspectives – April 7, 2022

U.S. Export Statistics

Corn:  Net sales of 782,400 MT for 2021/2022 were up 23 percent from the previous week, but down 44 percent from the prior 4-week average.  Increases primarily for Mexico (261,000 MT, including 32,000 MT switched from unknown destinations and decreases of 47,300 MT), Japan (216,000 MT, including 143,100 MT switched from unknown destinations and decreases of 4,100 MT), South Korea (192,100 MT, including 133,000 MT switched from unknown destinations and decreases of 6,100 MT), Saudi Arabia (157,000 MT, including 147,000 MT switched from unknown destinations), and Spain (64,100 MT, including 65,000 MT switched from unknown destinations and decreases of 1,800 MT), were offset by reductions primarily for unknown destinations (199,800 MT).  Net sales of 145,200 MT for 2022/2023 were reported for unknown destinations (136,000 MT) and Canada (9,200 MT).

Exports of 1,633,000 MT were down 13 percent from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to China (458,700 MT), Mexico (328,100 MT), Japan (180,000 MT), Saudi Arabia (157,000 MT), and South Korea (122,900 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 67,500 MT were reported for unknown destinations (65,000 MT) and Italy (2,500 MT).  Options were exercised to export 65,000 MT to South Korea from other than the United States.  The current outstanding balance of 533,300 MT is for unknown destinations (365,000 MT), South Korea (65,000 MT), Morocco (60,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, new optional origin sales of 2,500 MT were reported for Italy.  The current outstanding balance of 6,400 MT is for Italy.

Barley:  Total net sales of 400 MT for 2021/2022 were down noticeably from the previous week and from the prior 4-week average.  The destination was Japan.  No exports were reported for the week.

Sorghum:  Total net sales reductions of 10,500 MT for 2021/2022 were down 35 percent from the previous week and down noticeably from the prior 4-week average.  The reductions include decreases of 13,100 MT for China.  Exports of 236,800 MT were down 30 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were to China (236,300 MT) and Mexico (500 MT).