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Market Perspectives – February 25, 2021

Contents

  1. Chicago Board of Trade Market News
  2. CBOT March Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller’s Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spreads
  9. Ocean Freight Comments
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U.S. Export Statistics

Corn:  Net sales of 453,300 MT for 2020/2021–a marketing-year low–were down 55 percent from the previous week and 85 percent from the prior 4-week average.  Increases primarily for Peru (160,300 MT, including 88,000 MT switched from unknown destinations and decreases of 1,400 MT), Vietnam (146,200 MT, including 68,000 MT switched from China and 68,000 MT switched from unknown destinations), Japan (96,500 MT, including 71,600 MT switched from unknown destinations and decreases of 55,900 MT), Mexico (85,700 MT, including decreases of 15,600 MT), and South Korea (69,400 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (300,500 MT).  For 2021/2022, net sales of 145,900 MT were reported for Mexico (90,000 MT) and Japan (55,900 MT).

Exports of 1,190,100 MT were down 14 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (321,100 MT), Japan (226,700 MT), Vietnam (146,200 MT), China (144,300 MT), and Peru (110,300 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 69,000 MT were reported for South Korea.  The current outstanding balance of 1,279,400 MT is for South Korea (848,000 MT), unknown destinations (294,000 MT), Taiwan (70,000 MT), China (65,000 MT), and Ukraine (2,400 MT).

Export Adjustments:  Accumulated export of corn to Vietnam were adjusted down 471 MT for week ending February 4th.  This shipment was reported in error.

Barley:  For 2020/2021, net sales reductions of 200 MT resulting in increases for Japan (200 MT), were offset by reductions for Canada (400 MT).  Exports of 1,300 MT were to Japan (1,200 MT) and Canada (100 MT).

Sorghum:  For 2020/2021, total net sales reductions of 700 MT, down noticeably from the previous week and from the prior 4-week average, were for China, including decreases of 3,900 MT.  Exports of 125,600 MT were up 70 percent from the previous week, but down 10 percent from the prior 4-week average.  The destination was China.