Market Perspectives – February 27, 2020

U.S. Export Statistics

Corn: Net sales of 864,600 MT for 2019/2020 were down 31 percent from the previous week and 26 percent from the prior 4-week average. Increases primarily for Japan (316,700 MT, including 95,200 MT switched from unknown destinations), Mexico (162,300 MT, including 66,000 MT switched from unknown destinations and decreases of 75,900 MT), Costa Rica (146,600 MT), Colombia (104,500 MT, including 37,000 MT switched from unknown destinations), and South Korea (67,100 MT), were offset by reductions for unknown destinations (111,500 MT). For 2020/2021, net sales of 113,600 MT were for Mexico (97,600 MT), unknown destinations (13,000 MT), and Japan (3,000 MT).

Exports of 844,700 MT–a marketing-year high–were up 11 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Mexico (278,700 MT), Colombia (224,700 MT), Japan (155,500 MT), Guatemala (62,200 MT), and Honduras (59,600 MT).

Optional Origin Sales: For 2019/2020, new optional origin sales of 65,000 MT were reported for South Korea. The current outstanding balance of 649,900 MT is for South Korea (531,000 MT), Israel (60,000 MT), and Egypt (58,900 MT).

Barley: For 2019/2020, total net sales of 300 MT were for Japan. For 2020/2021, total net sales of 500 MT were for Japan. Exports of 300 MT were down 19 percent from the previous week and 66 percent from the prior 4-week average. The destination was Japan.

Sorghum: Net sales of 444,500 MT for 2019/2020–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for unknown destinations (324,200 MT), China (119,000 MT), and Mexico (1,100 MT, including decreases of 200 MT). Exports of 2,300 MT were down 97 percent from the previous week and from the prior 4-week average. The destination was Mexico.