Market Perspectives – December 20, 2018

U.S. Export Statistics

Corn: Net sales of 1,974,400 MT for 2018/2019–a marketing-year high– were up noticeably from the previous week and up 87 percent from the prior 4-week average. Increases were reported for Mexico (1,339,000 MT, including decreases of 12,600 MT), Japan (391,200 MT, including 80,900 MT switched from unknown destinations and decreases of 8,300 MT), Colombia (189,900 MT, including 115,000 MT switched from unknown destinations and decreases of 18,000 MT), the Philippines (50,000 MT), and Canada (13,000 MT). Reductions were reported for unknown destinations (40,700 MT) and Jamaica (1,600 MT). For 2019/2020, total net sales were reported for Mexico (542,600 MT). Exports of 975,600 MT were up 3 percent from the previous week, but down 3 percent from the prior 4-week average. The destinations were primarily to Mexico (333,100 MT), Japan (292,300 MT), Colombia (145,200 MT), Taiwan (74,800 MT), and the Dominican Republic (44,100 MT).

Optional Origin: For 2018/2019, options were exercised to export 50,000 MT to South Korea from other than the United States. The current outstanding balance of 775,200 MT is for South Korea (404,000 MT), unknown destinations (306,200 MT), and Taiwan (65,000 MT).

Barley: No net sales were reported for the week. Exports of 2,900 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. The destination was Japan.

Sorghum: Net sales of 100 MT for 2018/2019 were down 93 percent from the previous week and 99 percent from the prior 4-week average. Increases for the Philippines (200 MT), were partially offset by reductions for Mexico (100 MT). Exports of 12,200 MT were down 12 percent from the previous week and 76 percent from the prior 4-week average. The destination was to Mexico.