Market Perspectives – July 1, 2021

U.S. Export Statistics

Corn:  Net sales of 15,000 MT for 2020/2021 were down 93 percent from the previous week and 94 percent from the prior 4-week average.  Increases primarily for Japan (99,700 MT, including 159,200 MT switched from unknown destinations and decreases of 4,500 MT), Mexico (94,700 MT, including decreases of 12,100 MT), Honduras (29,200 MT, including decreases of 6,000 MT), Nicaragua (22,500 MT), and Venezuela (8,400 MT, including 8,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (167,200 MT) and China (75,000 MT).  For 2021/2022, net sales of 67,600 MT were for unknown destinations (50,000 MT), Honduras (12,000 MT), Mexico (4,500 MT), Canada (600 MT), and Taiwan (500 MT).

Exports of 1,136,700 MT were down 33 percent from the previous week and 36 percent from the prior 4-week average.  The destinations were primarily to China (335,000 MT), Japan (334,700 MT, including 60,700 MT – late), Mexico (252,500 MT), South Korea (61,300 MT), and Honduras (49,600 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 65,000 MT were reported for South Korea.  The current outstanding balance of 30,500 MT is for unknown destinations.  For 2021/2022, the current outstanding balance of 125,000 MT is for South Korea (65,000 MT) and unknown destinations (60,000 MT).  

Late Reporting: For 2020/2021, exports totaling 80,900 MT of corn were reported late to Japan (60,700 MT) and Guatemala (20,200 MT).

Barley:  No net sales or exports were reported for the week.

Sorghum: Total net sales for 2020/2021 of 4,000 MT were for China.  Exports of 100 MT–a marketing year low–were unchanged from the previous week, but down noticeably from the prior 4-week average.  The destination was to South Korea.