Market Perspectives – February 22, 2024

U.S. Export Statistics

Publication of the USDA export sales report for the week of February 15, 2024, is delayed until Friday, February 23 due to the U.S. federal holiday on Monday, February 19. Therefore, the previous week’s export sales numbers and commentary are provided here. Export inspections data was available and has been updated.

Corn

Net sales of 1,306,900 MT for 2023/2024 were up 7 percent from the previous week and 13 percent from the prior 4-week average. Increases primarily for Mexico (421,100 MT, including decreases of 1,700 MT), Colombia (351,200 MT, including 40,000 MT switched from unknown destinations and decreases of 6,700 MT), unknown destinations (108,000 MT), Honduras (105,400 MT, including decreases of 45,700 MT), and South Korea (82,700 MT, including 20,000 MT switched from unknown destinations and decreases of 100 MT), were offset by reductions for Nicaragua (1,700 MT). Total net sales of 2,300 MT for 2024/2025 were for Honduras. Exports of 903,300 MT were up 15 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (425,800 MT), Japan (129,600 MT), Colombia (75,200 MT), Saudi Arabia (55,000 MT), and Taiwan (54,700 MT).

Barley

No net sales for 2023/2024 were reported. Total net sales of 14,000 MT for 2024/2025 were for Japan. Exports of 200 MT were to Mexico.

Sorghum

Total net sales reductions of 2,100 MT for 2023/2024 – a marketing-year low – were down noticeably from the previous week and from the prior 4-week average. The reductions include decreases of 11,400 MT for China. Total net sales reductions of 60,000 MT for 2024/2025 were for China. Exports of 197,500 MT were up 76 percent from the previous week and 43 percent from the prior 4-week average. The destination was China.