Market Perspectives – February 29, 2024

U.S. Export Statistics

Corn

Net sales of 1,082,300 MT for 2023/2024 were up 32 percent from the previous week, but down 5 percent from the prior 4-week average. Increases primarily for Mexico (423,700 MT, including 140,000 MT switched from unknown destinations, decreases of 2,100 MT, and 62,000 MT – late), Japan (326,800 MT, including 77,500 MT switched from unknown destinations, 65,000 MT switched from Taiwan, decreases of 9,600 MT, and 120,000 MT – late), Colombia (153,200 MT, including 41,000 MT switched from unknown destinations and decreases of 51,300 MT), South Korea (133,900 MT, including 125,000 MT switched from unknown destinations), and Venezuela (30,000 MT), were offset by reductions for Taiwan (51,700 MT), Morocco (11,400 MT), and Guatemala (6,800 MT). Total net sales of 165,000 MT for 2024/2025 were for Japan. Exports of 1,216,200 MT were up 19 percent from the previous week and 34 percent from the prior 4-week average. The destinations were primarily to Mexico (477,400 MT, including 60,500 MT – late), Japan (380,000 MT), Colombia (143,100 MT), South Korea (130,600 MT), and Canada (25,300 MT).

Barley

No net sales or exports were reported for the week.

Sorghum

Net sales of 445,500 MT for 2023/2024 – a marketing-year high – were up noticeably from the previous week and from the prior 4-week average. Increases were reported for China (380,500 MT, including 68,000 MT switched from unknown destinations and decreases of 4,900 MT) and unknown destinations (65,000 MT). Exports of 126,100 MT were down 60 percent from the previous week and 27 percent from the prior 4-week average.