Market Perspectives – August 20, 2020

U.S. Export Statistics

Corn:  Net sales of 61,600 MT for 2019/2020 were down 84 percent from the previous week and 63 percent from the prior 4-week average.  Increases primarily for Japan (70,200 MT, including 64,900 MT switched from unknown destinations), Colombia (52,300 MT, including 50,000 MT switched from unknown destinations and decreases of 8,400 MT), Guatemala (26,800 MT, including 32,000 MT switched from El Salvador and decreases of 4,800 MT), Mexico (10,600 MT, including decreases of 3,400 MT), and China (8,600 MT), were offset by reductions for unknown destinations (87,600 MT), El Salvador (29,200 MT), and Peru (8,000 MT).

For 2020/2021, net sales of 723,300 MT were primarily for unknown destinations (365,100 MT), Mexico (94,800 MT), South Korea (66,200 MT), Japan (55,500 MT), and Taiwan (41,300 MT).

Exports of 1,197,000 MT were down 10 percent from the previous week, but up 19 percent from the prior 4-week average.  The destinations were primarily to China (382,400 MT), Mexico (297,800 MT), Japan (210,000 MT), Colombia (112,000 MT), and Guatemala (98,700 MT).

Optional Origin Sales:  For 2019/2020, 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).

Barley:  No net sales for 2020/2021 were reported for the week.  Exports of 300 MT were down 93 percent from the previous week and 77 percent from the prior 4-week average.  The destination was Taiwan.

Sorghum:  Net sales reductions of 4,600 MT for 2019/2020 were down noticeably from the previous week and from the prior 4-week average.  Increases reported for China (48,400 MT, including 48,500 MT switched from unknown destinations and decreases of 100 MT), were more than offset by reductions for unknown destinations (53,000 MT).

For 2020/2021, net sales of 122,000 MT were reported for unknown destinations (68,000 MT) and China (54,000 MT).  Exports of 48,500 MT were down 90 percent from the previous week and 77 percent from the prior 4-week average.  The destination was China.