Market Perspectives – February 1, 2024

U.S. Export Statistics

Corn

Net sales of 1,206,700 MT for 2023/2024 were up 26 percent from the previous week and 58 percent from the prior 4-week average. Increases primarily for Japan (503,800 MT, including 123,300 MT switched from unknown destinations and decreases of 500 MT), Mexico (372,300 MT, including decreases of 2,600 MT), South Korea (304,000 MT, including 240,000 MT switched from unknown destinations and decreases of 2,000 MT), Colombia (57,500 MT), and Guatemala (21,400 MT, including 17,300 MT switched from Panama), were offset by reductions primarily for unknown destinations (105,000 MT). Net sales of 144,500 MT for 2024/2025 were reported for Japan (98,500 MT) and Mexico (46,000 MT). Exports of 911,400 MT were down 2 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (367,900 MT), Japan (239,800 MT), China (70,600 MT), Colombia (49,500 MT), and Canada (37,300 MT).

Barley

No net sales or exports were reported for the week.

Sorghum

Total net sales of 71,200 MT for 2023/2024 were up 18 percent from the previous week, but down 19 percent from the prior 4-week average. Increases were for China. Total net sales reductions of 118,700 MT for 2024/2025 were for China. Exports of 67,700 MT were down 16 percent from the previous week and 63 percent from the prior 4-week average.