Market Perspectives – August 15, 2019

U.S. Export Statistics

Corn:  Net sales of 56,100 MT for 2018/2019 were up 32 percent from the previous week, but down 56 percent from the prior 4-week average.  Increases were primarily for Japan (107,000 MT, including 74,800 MT switched from unknown destinations and decreases of 600 MT), Mexico (86,000 MT, including decreases of 42,100 MT), New Zealand (28,600 MT, including 26,500 MT switched from unknown destinations), Costa Rica (20,000 MT), and El Salvador (16,500 MT, including 13,100 MT switched from Guatemala).  Reductions were reported for unknown destinations (151,300 MT), China (60,000 MT), and Guatemala (20,000 MT).  For 2019/2020, net sales of 307,600 MT resulting in increases for Mexico (80,300 MT), unknown destinations (79,300 MT), China (60,000 MT), and Japan (53,500 MT), were partially offset by reductions for Canada (2,300 MT).

Exports of 707,900 MT were up 2 percent from the previous week and 7 percent from the prior 4-week average.  The destinations were primarily to Mexico (384,800 MT), Japan (85,000 MT), Colombia (49,300 MT), Guatemala (39,700 MT), and Honduras (30,200 MT).  

Optional Origin:  For 2018/2019, the current outstanding balance of 121,000 MT is for South Korea.  For 2019/2020, new optional origin sales of 50,000 MT were reported for unknown destinations.  The current outstanding balance of 648,600 MT is for South Korea (325,000 MT), unknown destinations (203,600 MT), and Israel (120,000 MT).

Barley:  No net sales for 2018/2019 were reported for the week.  Exports of 200 MT were to Taiwan.

Sorghum:  Net sales of 35,400 MT for 2018/2019 were down 9 percent from the previous week, but up noticeably from the prior 4-week average.  Increases for China (78,800 MT, including 53,800 MT switched from unknown destinations), Japan (10,500 MT), and Mexico (1,100 MT).  Reductions were for unknown destinations (55,000 MT).  For 2019/2020, total net sales reductions of 25,000 MT were for China.  Exports of 77,000 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations were China (53,800 MT), Mexico (12,700 MT), and Japan (10,500 MT).