Market Perspectives – February 17, 2022

U.S. Export Statistics

Corn:  Net sales of 820,000 MT for 2021/2022 were up 39 percent from the previous week, but down 23 percent from the prior 4-week average.   Increases primarily for Japan (600,200 MT, including 175,000 MT switched from unknown destinations and decreases of 700 MT), Mexico (103,300 MT, including decreases of 38,600 MT), Canada (45,600 MT), the Dominican Republic (40,000 MT), and Colombia (32,500 MT, including decreases of 32,000 MT), were offset by reductions primarily for unknown destinations (68,900 MT). Net sales of 113,500 MT for 2022/2023 were reported for Mexico (90,000 MT) and Japan (23,500 MT).  Exports of 1,617,600 MT–a marketing-year high–were up 41 percent from the previous week and 28 percent from the prior 4-week average.   The destinations were primarily to Mexico (477,300 MT, including 136,300 MT – late), China (413,600 MT), Japan (291,700 MT), Canada (114,200 MT), and Colombia (64,500 MT).

Optional Origin Sales:   For 2021/2022, new optional origin sales of 65,000 MT were reported for unknown destinations.   Options were reported for exercised to export 60,000 MT to unknown destinations from the United States.   The current outstanding balance of 220,800 MT is for unknown destinations (115,000 MT), South Korea (65,000 MT), Italy (31,800 MT), and Saudi Arabia (9,000 MT). For 2022/2023, new optional origin sales of 2,400 MT were reported for Italy.   The current outstanding balance of 3,900 MT is for Italy.

Late Reporting: For 2021/2022, exports totaling 136,300 MT of corn were reported late to Mexico.

Barley:  No net sales or exports were reported for the week.

Sorghum:  Net sales of 148,400 MT for 2021/2022 were up 5 percent from the previous week, but down 42 percent from the prior 4-week average.   Increases reported for China (208,400 MT, including 65,000 MT switched from unknown destinations) and Mexico (5,000 MT), were offset by reductions for unknown destinations (65,000 MT). Total net sales reductions for 2022/2023 of 53,000 MT were for China.   Exports of 141,600 MT were down 10 percent from the previous week, but up 15 percent from the prior 4-week average.   The destinations were to China (140,500 MT) and Mexico (1,100 MT).