Market Perspectives – February 13, 2020

U.S. Export Statistics

Corn:  Net sales of 968,800 MT for 2019/2020 were down 22 percent from the previous week and 9 percent from the prior 4-week average.  Increases primarily for Japan (383,000 MT, including 60,300 MT switched from unknown destinations and decreases of 21,300 MT), South Korea (193,500 MT), Colombia (110,700 MT, including 75,000 MT switched from unknown destinations and decreases of 1,400 MT), Saudi Arabia (61,700 MT, including 70,000 MT switched from unknown destinations and decreases of 8,300 MT), and Mexico (52,600 MT, including decreases of 100 MT), were offset by reductions for unknown destinations (14,700 MT) and El Salvador (7,900 MT).

Exports of 782,800 MT–a marketing-year high–were up 31 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to Mexico (228,700 MT), Japan (203,800 MT), Colombia (189,700 MT), Saudi Arabia (61,700 MT), and El Salvador (29,600 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 50,000 MT to Israel from other than the United States.  The current outstanding balance of 524,900 MT is for South Korea (466,000 MT), and Egypt (58,900 MT).

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 1,000 MT were down 21 percent from the previous week, but up 14 percent from the prior 4-week average.  The destinations were Japan (900 MT) and Taiwan (100 MT).

Sorghum:  For 2019/2020, net sales of 17,600 MT resulting in increases for China (72,600 MT, including 65,000 MT switched from unknown destinations) and Japan (10,000 MT), were offset by reductions for unknown destinations (65,000 MT).  Exports of 84,300 MT were up noticeably from the previous week and up 59 percent from the prior 4-week average.  The destinations were China (72,600 MT) and Mexico (11,700 MT).