Market Perspectives – August 4, 2022

U.S. Export Statistics

Corn:  Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average.  Increases primarily for Japan (53,800 MT, including 52,100 MT switched from unknown destinations and decreases of 700 MT), Mexico (36,200 MT, including decreases of 200 MT), the Netherlands (13,200 MT – Late), Trinidad and Tobago (9,700 MT switched from Jamaica), and China (5,700 MT), were offset by reductions for unknown destinations (51,600 MT), Jamaica (9,600 MT), Nicaragua (7,500 MT), Costa Rica (2,100 MT), and Barbados (1,200 MT).  Net sales of 256,700 MT for 2022/2023 reported for Mexico (213,000 MT), unknown destinations (28,800 MT), El Salvador (26,300 MT), and Honduras (3,500 MT), were offset by reductions for Colombia (10,000 MT) and Costa Rica (4,900 MT).

Exports of 1,021,100 MT were up 18 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to China (414,100 MT), Mexico (328,000 MT), Japan (158,800 MT), Canada (41,200 MT), and Honduras (21,300 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 12,800 MT were reported for Italy.  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 10,400 MT were reported for Italy.  The current outstanding balance of 45,800 MT is for Italy.

Late Reporting: For 2021/2022, net sales and exports totaling 18,300 MT of corn were reported late for the Netherlands (13,200 MT) and Romania (5,100 MT).

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

Sorghum:  Net sales of 1,200 MT for 2021/2022 were down 66 percent from the previous week and 92 percent from the prior 4-week average.  Increases reported for China (66,100 MT, including 68,000 MT switched from unknown destinations and decreases of 2,000 MT) and Mexico (3,000 MT), were offset by reductions for unknown destinations (68,000 MT).  Total net sales of 68,000 MT for 2022/2023 were for unknown destinations.  Exports of 74,400 MT were up 2 percent from the previous week, but down 32 percent from the prior 4-week average.  The destination was primarily to China (70,500 MT).