Market Perspectives December 22, 2016

U.S. Export Statistics

Corn:  Net sales of 1,251,000 MT for 2016/2017 were down 18 percent from the previous week and 8 percent from the prior 4-week average.  Increases were for Japan (535,800 MT, including 133,400 MT switched from unknown destinations and decreases of 10,700 MT), Mexico (372,200 MT, including decreases of 46,300 MT), South Korea (125,000 MT, including 65,000 MT switched from Taiwan), Chile (89,000 MT, including 44,000 MT switched from unknown destinations), and Saudi Arabia (74,800 MT, including 70,000 MT switched from unknown destinations).  Reductions were for unknown destinations (176,400 MT), Egypt (33,100 MT), and Vietnam (300 MT).  Exports of 781,000 MT were down 7 percent from the previous week and 13 percent from the prior 4-week average.  The primary destinations were Japan (239,600 MT), Mexico (194,100 MT), Saudi Arabia (74,800 MT), Egypt (58,900 MT), and Chile (44,000 MT). 

Optional Origin Sales:  For 2016/2017, sales totaling 50,000 MT were switched from unknown destinations to Japan.  Options were exercised to export 48,800 MT to Japan from the United States.  Decreases totaling 1,200 MT were reported for Japan.  The current optional origin outstanding balance of 828,000 MT is for South Korea (604,000 MT) and unknown destinations (224,000 MT). 

Barley: There were no sales or exports reported during the week. 

Sorghum: Net sales of 89,700 MT for 2016/2017 resulted as increases for China (142,000 MT, including 49,300 MT switched from unknown destinations and decreases of 9,800 MT) and Japan (4,200 MT, including 4,600 MT switched from unknown destinations and decreases of 400 MT), were partially offset by reductions for unknown destinations (56,600 MT).  Exports of 264,400 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were China (249,100 MT), Mexico (11,000 MT), and Japan (4,200 MT).