Market Perspectives – August 18, 2022

U.S. Export Statistics

Corn:  Net sales of 99,300 MT for 2021/2022 were down 48 percent from the previous week and 8 percent from the prior 4-week average.  Increases primarily for China (71,500 MT), Colombia (13,600 MT), Honduras (11,400 MT, including 7,500 MT switched from Nicaragua, 6,000 MT switched from El Salvador, and decreases of 6,900 MT), Mexico (7,000 MT, including decreases of 26,000 MT), and Costa Rica (5,000 MT), were offset by reductions primarily for Nicaragua (7,500 MT), El Salvador (6,000 MT), and Trinidad and Tobago (1,900 MT).  Net sales of 750,000 MT for 2022/2023 were primarily for unknown destinations (286,000 MT), Mexico (216,400 MT), China (136,500 MT), Guatemala (30,400 MT), and Colombia (24,000 MT).

Exports of 623,000 were down 12 percent from the previous week and 33 percent from the prior 4-week average.  The destinations were primarily to China (273,500 MT), Mexico (271,300 MT), Trinidad and Tobago (25,100 MT, including 200 MT – Late), Panama (24,200 MT), and Honduras (14,700 MT).

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 121,000 MT is for unknown destinations (65,000 MT), Italy (47,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, new optional origin sales of 3,000 MT were reported for Italy.  The current outstanding balance of 51,200 MT is for Italy.

Late Reporting: For 2021/2022, exports totaling 200 MT of corn were reported late for Trinidad and Tobago.

Barley:  No net sales or exports were reported for the week.

Sorghum:  Net sales of 11,500 MT for 2021/2022 reported for China (51,300 MT, including 50,000 MT switched from unknown destinations) and Mexico (10,200 MT), were offset by reductions for unknown destinations (50,000 MT).  Total net sales of 200 MT for 2022/2023 were for Japan.  Exports of 63,600 MT were up 11 percent from the previous week, but down 19 percent from the prior 4-week average.  The destinations were to China (54,000 MT) and Mexico (9,600 MT).