Market Perspectives – February 8, 2018

U.S. EXPORT STATISTICS

Corn: Net sales of 1,769,600 MT for 2017/2018 were down 4 percent from the previous week, but up 27 percent from the prior 4-week average. Increases were reported for unknown destinations (426,600 MT), South Korea (330,200 MT, including 65,000 MT switched from unknown destinations and decreases of 100 MT), Egypt (225,000 MT), Spain (198,000 MT, including 66,000 MT switched from unknown destinations), Japan (152,900 MT, including 127,700 MT switched from unknown destinations and decreases of 58,600 MT), and Colombia (114,500 MT, including 29,300 MT switched from unknown destinations). Reductions were reported for the Dominican Republic (22,200 MT) and Guatemala (4,300 MT). Exports of 961,200 MT were down 8 percent from the previous week, but up 22 percent from the prior 4-week average. The destinations were primarily to Japan (417,000 MT), Mexico (155,300 MT), South Korea (140,000 MT), Peru (78,300 MT), and Colombia (59,800 MT).

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 724,500 MT is for South Korea (342,000 MT), unknown destinations (261,500 MT), and Vietnam (121,000 MT).

Barley: There were no sales or exports reported during the week.

Sorghum: Net sales of 73,600 MT for 2017/2018 resulted as increases for China (179,700 MT, including 66,000 MT switched from unknown destinations), Mexico (25,700 MT), and Japan (3,200 MT, including 3,000 MT switched from unknown destinations), were partially offset by reductions for unknown destinations (135,000 MT). Exports of 125,600 MT were down 49 percent from the previous week and 15 percent from the prior 4-week average. The destinations were China (122,000 MT), Japan (3,200 MT), and Mexico (400 MT).