Market Perspectives – August 2, 2018

U.S. Export Statistics

Corn: Net sales of 292,000 MT for 2017/2018 were down 14 percent from the previous week and 36 percent from the prior 4-week average. Increases were reported for Japan (126,400 MT, including 96,300 MT switched from unknown destinations and decreases of 31,300 MT), Taiwan (78,600 MT, including 66,000 MT switched from unknown destinations and decreases of 900 MT), South Korea (73,800 MT, including decreases of 3,100 MT), Mexico (53,700 MT, including 26,000 MT switched from unknown destinations and decreases of 34,300 MT), and Colombia (52,300 MT, including 50,000 MT switched from unknown destinations and decreases of 2,100 MT). Reductions were primarily for unknown destinations (144,300 MT). For 2018/2019, net sales of 986,100 MT were reported for unknown destinations (372,500 MT), Mexico (286,100 MT), Japan (106,000 MT), Saudi Arabia (70,000 MT), and South Korea (69,000 MT). Exports of 1,624,600 MT were up 27 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to Japan (405,600 MT), Mexico (349,000 MT), South Korea (281,800 MT), Taiwan (160,800 MT), and Colombia (111,100 MT).

Optional Origin Sales: For 2017/2018, options were exercised to export 68,000 MT to South Korea from the United States. The current optional origin outstanding balance of 70,000 MT is for South Korea. For 2018/2019, the current outstanding balance of 463,000 MT is for South Korea (343,000 MT), Saudi Arabia (70,000 MT), and unknown destinations (50,000 MT).

Barley: No net sales were reported for the week. Exports of 1,400 MT were to Japan.

Sorghum: Net sales of 100 MT for 2017/2018 resulted as increases for Eritrea (30,000 MT, switched from unknown destinations) and Japan (11,000 MT, including 10,900 MT switched from unknown destinations), were partially offset by reductions for unknown destinations (40,900 MT). Exports of 41,400 MT were to Eritrea (30,000 MT), Japan (11,000 MT), and Mexico (400 MT).