Market Perspectives – August 13, 2020

U.S. Export Statistics

Corn:  Net sales of 377,200 MT for 2019/2020 were up noticeably from the previous week and up 18 percent from the prior 4-week average.  Increases primarily for South Korea (125,000 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), Japan (79,300 MT, including decreases of 4,600 MT), China (76,500 MT), Colombia (60,700 MT, including 42,000 MT switched from unknown destinations, decreases of 2,700 MT, and 13,800 MT late – see below), and Venezuela (59,100 MT, including 29,100 MT late – see below), were offset by reductions primarily for unknown destinations (97,000 MT) and Nicaragua (9,000 MT).

For 2020/2021, net sales of 553,100 MT primarily for Colombia (176,500 MT), Mexico (165,200 MT), unknown destinations (129,700 MT), Peru (50,000 MT), and Taiwan (10,600 MT), were offset by reductions for Guatemala (1,500 MT).

Exports of 1,333,100 MT were up 95 percent from the previous week and 43 percent from the prior 4-week average.  The destinations were primarily to China (396,600 MT), Mexico (225,800 MT), Colombia (167,300 MT, including 13,800 MT late – see below), Japan (163,900 MT, including 28,200 MT late – see below), and South Korea (125,100 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 390,000 MT is for South Korea (260,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, the current outstanding balance of 260,000 MT is for Vietnam (195,000 MT) and South Korea (65,000 MT).

Late Reporting:  For 2019/2020, net sales totaling 42,900 MT were reported late.  These sales were reported for Venezuela (29,100 MT) and Colombia (13,800 MT).  For 2019/2020, exports totaling 71,100 MT were reported late.  The destinations were to Venezuela (29,100 MT), Japan (28,200 MT), and Colombia (13,800 MT).

Barley:  No net sales for 2020/2021 were reported for the week.  Exports of 5,100 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destination was Japan.

Sorghum:  Net sales of 282,400 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (348,300 MT, including 66,000 MT switched from unknown destinations, decreases of 65,000 MT, and 336,300 MT late – see below), were offset by reductions for unknown destinations (66,000 MT).  For 2020/2021, net sales of 527,500 MT were reported for China (348,000 MT) and unknown destinations (179,500 MT).  Exports of 479,200 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destination was China (including 407,800 MT late – see below).