Market Perspectives – December 5, 2019

U.S. Export Statistics

Corn:  Net sales of 546,100 metric tons for 2019/2020 were down 32 percent from the previous week and 18 percent from the prior 4-week average.  Increases primarily for Japan (236,700 MT, including 30,500 MT switched from unknown destinations and decreases of 40,800 MT), unknown destinations (130,900 MT), Colombia (70,500 MT, including 25,000 MT switched from unknown destinations), Mexico (44,200 MT, including decreases of 3,400 MT), and Canada (19,300 MT, including decreases of 2,700 MT), were offset by reductions for French West Indies (6,600 MT) and Costa Rica (300 MT).  For 2020/2021, total net sales of 2,400 MT were for Canada.

Exports of 494,800 MT were down 22 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Mexico (288,100 MT), Japan (61,400 MT), Honduras (44,600 MT), El Salvador (27,600 MT), and Colombia (25,600 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 86,000 MT to Japan (54,000 MT) and Israel (32,000 MT) from other than the United States.  The current outstanding balance of 534,900 MT is for South Korea (388,000 MT), Israel (88,000 MT), and Egypt (58,900 MT).

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 1,000 MT were up 95 percent from the previous week, but down 14 percent from the prior 4-week average.  The destination was to Japan.

Sorghum:  Net sales of 19,000 MT for 2019/2020 resulting in increases for China (128,000 MT, including 119,000 MT switched from unknown destinations) and Japan (10,000 MT), were offset by reductions for unknown destinations (119,000 MT).  Exports of 139,700 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were China (128,000 MT) and Mexico (11,700 MT).