Market Perspectives – January 18, 2024

U.S. Export Statistics

Publication of the USDA export sales report for the week of January 11, 2024, is delayed until Friday, January 19 due to the U.S. federal holiday on Monday, January 15. Therefore, the previous week’s export sales numbers and commentary are provided here. Export inspections data was available and has been updated.

Corn

Net sales of 487,600 MT for 2023/2024 were up 33 percent from the previous week, but down 52 percent from the prior 4-week average. Increases primarily for Colombia (216,100 MT, including 100,000 MT switched from unknown destinations and decreases of 21,000 MT), Japan (152,500 MT, including 146,400 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (121,000 MT, including 63,000 MT switched from unknown destinations and decreases of 60,700 MT), South Korea (68,100 MT), and Guatemala (42,600 MT, including 23,100 MT switched from unknown destinations, 15,700 MT switched from Panama, and decreases of 3,800 MT), were offset by reductions primarily for unknown destinations (138,200 MT), and Costa Rica (4,300 MT). Exports of 1,037,100 MT were up 52 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Mexico (401,500 MT), Japan (283,400 MT), Colombia (235,400 MT), Guatemala (35,500 MT), and Canada (35,000 MT).

Barley

No net sales were reported for the week. Exports of 2,200 MT were to Mexico (2,000 MT) and Taiwan (200 MT).

Sorghum

Total net sales of 133,000 MT for 2023/2024 were up noticeably from the previous week and up 54 percent from the prior 4-week average. The destination was China, including decreases of 1,000 MT. Exports of 242,100 MT were up noticeably from the previous week and up 8 percent from the prior 4-week average. The destinations were to China (241,600 MT) and Mexico (500 MT).