Market Perspectives – August 22, 2019

U.S. Export Statistics

Corn:  Net sales of 119,300 MT for 2018/2019 were up noticeably from the previous week and up 31 percent from the prior 4-week average.  Increases were primarily for Mexico (96,900 MT, including decreases of 10,700 MT), Japan (61,700 MT, including 60,800 switched from unknown destinations and decreases of 2,500 MT), Canada (10,600 MT, including decreases of 200 MT), Honduras (8,200 MT, including 4,000 MT switched from Guatemala, 4,000 MT switched from El Salvador, and decreases of 700 MT), and Guatemala (7,800 MT, including 6,900 MT switched from El Salvador, 3,600 MT switched from Nicaragua, and decreases of 600 MT).  Reductions were primarily for unknown destinations (60,800 MT), El Salvador (10,900 MT), the French West Indies (8,500 MT), and South Korea (2,500 MT).  For 2019/2020, net sales of 301,600 MT resulting in increases for Mexico (155,400 MT), South Korea (65,200 MT), Jamaica (47,500 MT), and Canada (20,300 MT), were partially offset by reductions for unknown destinations (2,000 MT).  Exports of 539,700 MT were down 24 percent from the previous week and 20 percent from the prior 4-week average.  The destinations were primarily to Mexico (323,100 MT), Japan (95,900 MT), Honduras (40,700 MT), Guatemala (24,800 MT), and Panama (19,700 MT).   

Optional Origin:  For 2018/2019, the current outstanding balance of 121,000 MT is for South Korea.  For 2019/2020, 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 600 MT were to Japan.

Sorghum:  Net sales reductions of 2,900 MT for 2018/2019 resulting in increases for China (50,000 MT, including 53,000 MT switched from unknown destinations and decreases of 3,000 MT) and South Korea (100 MT).  For 2019/2020, total net sales of 10,200 MT were for Japan.  Exports of 50,600 MT were down 34 percent from the previous week, but up 43 percent from the prior 4-week average.  The destinations were China (50,000 MT) and Mexico (600 MT).