Market Perspectives – February 7, 2019

U.S. Export Statistics

Corn: Net sales of 503,100 MT for 2018/2019 were down 70 percent from the previous week and 65 percent from the prior 4-week average. Increases were reported for Mexico (159,000 MT, including decreases of 22,400 MT), Colombia (154,600 MT, including 100,000 MT switched from unknown destinations), Peru (152,500 MT, including 40,000 MT switched from unknown destinations and 30,000 MT switched for Trinidad), South Korea (72,800 MT, including deceases of 800 MT), and Guatemala (40,200 MT, including 20,000 MT switched from El Salvador, 1,500 MT switched from Nicaragua, and decreases of 2,700 MT). Reductions were reported for unknown destinations (133,700 MT), Trinidad (24,000 MT), the Dominican Republic (9,800 MT), and Costa Rica (1,000 MT). Exports of 1,006,000 MT were up 12 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to Mexico (261,600 MT), Colombia (249,500 MT), South Korea (201,500 MT), Peru (97,800 MT), and Japan (93,700 MT). 

Optional Origin: For 2018/2019, new optional origin sales of 99,600 MT were reported for Saudi Arabia (95,000 MT) and Japan (4,600 MT). Options were exercised to export 69,000 MT to South Korea from the United States. Options were exercised to export 62,600 MT to Japan from other than the United States. The current outstanding balance of 743,200 MT is for South Korea (335,000 MT), unknown destinations (248,200 MT), Saudi Arabia (95,000 MT), and Taiwan (65,000 MT).

Barley: Net sales of 700 MT were reported for Taiwan. Exports of 500 MT were to Japan.

Sorghum: Net sales of 8,900 MT for 2018/2019 were down 56 percent from the previous week and 59 percent from the prior 4-week average. Increases were reported for unknown destinations (6,000 MT), Mexico (2,000 MT), and Japan (800 MT). Exports of 11,100 MT were up noticeably from the previous week, but down 66 percent from the prior 4-week average. The destinations were primarily to Japan (10,800 MT).