Market Perspectives – July 12, 2018

U.S. Export Statistics

Corn: Net sales of 402,100 MT for 2017/2018 were down 9 percent from the previous week and 33 percent from the prior 4-week average. Increases were reported for South Korea (195,300 MT, including 130,000 MT switched from unknown destinations and decreases of 800 MT), Mexico (159,400 MT, including decreases of 9,200 MT), Japan (141,900 MT, including 51,800 MT switched from unknown destinations and decreases of 11,800 MT), Saudi Arabia (110,000 MT, including 101,000 MT switched from unknown destinations), and Indonesia (62,100 MT, switched from unknown destinations). Reductions were primarily for unknown destinations (435,100 MT) and El Salvador (16,400 MT). For 2018/2019, net sales of 128,000 MT were reported for Mexico (105,000 MT), unknown destinations (20,000 MT), and France (2,400 MT). Exports of 1,396,700 MT were down 8 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Japan (294,600 MT), Mexico (276,000 MT), South Korea (198,100 MT), Saudi Arabia (110,000 MT), and Vietnam (83,000 MT).

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 337,000 MT is for South Korea (206,000 MT), unknown destinations (91,000 MT), and Egypt (40,000 MT). For 2018/2019, new optional origin sales of 137,000 MT were reported for South Korea. The current outstanding balance of 325,000 MT is for South Korea (205,000 MT), Saudi Arabia (70,000 MT), and unknown destinations (50,000 MT).

Barley: No net sales were reported for the week. Exports of 2,000 MT were to Japan.

Sorghum: Net sales reductions of 38,800 MT, for 2017/2018 resulted as increases for China (2,100 MT), were more than offset by reductions for Mexico (38,000 MT) and unknown destinations (3,000 MT). Exports of 12,000 MT were to Japan (10,100 MT), China (1,000 MT), and Mexico (900 MT).