Market Perspectives – August 8, 2019

U.S. Export Statistics

Corn: Net sales of 42,600 MT for 2018/2019 were down 70 percent from the previous week and 82 percent from the prior 4-week average. Increases were primarily for Saudi Arabia (59,300 MT, including 60,000 MT switched from unknown destinations and decreases of 800 MT), Mexico (42,900 MT, including decreases of 3,900 MT), El Salvador (30,400 MT, including 23,300 MT switched from Guatemala), Japan (30,300 MT, including 49,300 MT switched from unknown destinations and decreases of 27,500 MT), and Colombia (25,800 MT, including 25,500 MT switched from unknown destinations and decreases of 4,700 MT). Reductions were primarily for unknown destinations (134,800 MT) and Guatemala (25,500 MT). For 2019/2020, net sales of 197,000 MT resulting in increases for Mexico (92,300 MT), Honduras (37,500 MT), Panama (35,600 MT), unknown destinations (25,200 MT), and Canada (11,400 MT), were partially offset by reductions for Colombia (5,000 MT).

Exports of 692,600 MT were down 2 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (253,800 MT), Japan (214,000 MT), Saudi Arabia (59,300 MT), Guatemala (37,400 MT), and El Salvador (25,100 MT).

Optional Origin: For 2018/2019, increases resulting from change in destination for Japan (50,000 MT, switched from unknown destinations). Options were exercised to export 114,500 MT to Taiwan (65,000 MT) and Japan (49,500 MT) from other than the United States. Decreases totaling 500 MT were reported for Japan. The current outstanding balance of 121,000 MT is for South Korea. For 2019/2020, new optional origin sales of 130,000 MT were reported for South Korea. The current outstanding balance of 598,600 MT is for South Korea (325,000 MT), unknown destinations (153,600 MT), and Israel (120,000 MT).

Barley: No net sales for 2018/2019 were reported for the week. Exports of 1,400 MT were to Japan.

Sorghum: Net sales of 38,800 MT for 2018/2019 resulting in increases for China (25,000 MT), Mexico (13,700 MT), and Japan (5,700 MT, including 5,600 MT switched from unknown destinations). Reductions were for unknown destinations (5,600 MT). For 2019/2020, total net sales of 25,000 MT were for China. Exports of 9,600 MT were up noticeably from the previous week, but down 80 percent from the prior 4-week average. The destination was primarily to Japan (5,700 MT).