Market Perspectives – February 14, 2019

U.S. Export Statistics

Corn:  Net sales of 459,800 MT for 2018/2019 were down 9 percent from the previous week and 64 percent from the prior 4-week average.  Increases were reported for Mexico (175,200 MT, including decreases of 33,200 MT), Saudi Arabia (95,000 MT), Taiwan (73,400 MT), Japan (39,500 MT, including 48,400 MT switched from unknown destinations and decreases of 11,700 MT), and unknown destinations (33,500 MT).  Reductions were primarily reported for Peru (7,200 MT), Nicaragua (4,400 MT), Guatemala (3,800 MT), and the Philippines (2,000 MT).  Exports of 665,000 MT–a marketing-year low–were down 34 percent from the previous week and 31 percent from the prior 4-week average.  The destinations were primarily to Mexico (251,900 MT), Japan (239,800 MT), Peru (41,000 MT), Canada (24,400 MT), and Guatemala (20,700 MT). 

Optional Origin: For 2018/2019, new optional origin sales of 50,000 MT were reported for South Korea.  Options were exercised to export 95,000 MT to Saudi Arabia from the United States.  Options were exercised to export 66,000 MT to South Korea from other than the United States.  The current outstanding balance of 632,200 MT is for South Korea (319,000 MT), unknown destinations (248,200 MT), and Taiwan (65,000 MT). 

Barley:  No net sales were reported for the week.  Exports of 600 MT were to Japan (400 MT) and Taiwan (200 MT). 

Sorghum:  Net sales of 11,900 MT for 2018/2019 were up 34 percent from the previous week and 53 percent from the prior 4-week average.  Increases were reported for South Africa (10,800 MT, including decreases of 300 MT), Japan (1,000 MT), and South Korea (100 MT).  Exports of 29,700 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations were to South Africa (17,800 MT), Japan (11,000 MT), Mexico (700 MT), and South Korea (100 MT).