Market Perspectives – April 9, 2020

U.S. Export Statistics

Corn:  Net sales of 1,848,900 MT for 2019/2020–a marketing-year high–were up 72 percent from the previous week and 41 percent from the prior 4-week average.  Increases primarily for Japan (702,600 MT, including 130,800 MT switched from unknown destinations and decreases of 6,500 MT), South Korea (331,900 MT, including 86,000 MT switched from unknown destinations and decreases of 4,300 MT), Mexico (179,600 MT, including decreases of 1,700 MT), Saudi Arabia (139,100 MT, including 135,000 MT switched from unknown destinations), and Israel (65,000 MT), were offset by reductions for Nicaragua (200 MT).  For 2020/2021, net sales of 608,800 MT were for China (504,000 MT), Mexico (99,5000 MT), unknown destinations (4,000 MT), and Guatemala (1,300 MT).

Exports of 1,290,300 MT–a marketing-year high–were up 3 percent from the previous week and 31 percent from the prior 4-week average.  The destinations were primarily to Japan (377,800 MT), Mexico (315,300 MT), South Korea (154,000 MT), Saudi Arabia (139,100 MT), and Taiwan (77,900 MT).

Optional Origin Sales:  For 2019/2020, the current outstanding balance of 581,000 MT is for South Korea (521,000 MT) and Israel (60,000 MT).

Barley: Net sales of 200 MT for 2019/2020 were reported for South Korea.  Exports of 100 MT–a marketing-year low–were down 86 percent from the previous week and 90 percent from the prior 4-week average.  The destination was Taiwan.

Sorghum:  Net sales of 373,800 MT for 2019/2020 were primarily for unknown destinations (187,000 MT) and China (186,000 MT).  Exports of 8,200 MT were primarily to Japan (7,600 MT).