Market Perspectives – July 14, 2022

U.S. Export Statistics

Corn:  Net sales of 59,000 MT for 2021/2022 were down noticeably from the previous week and down 72 percent from the prior 4-week average.  Increases primarily for Japan (124,100 MT, including 120,400 MT switched from unknown destinations), Mexico (57,000 MT, including decreases of 600 MT), Morocco (30,200 MT – late), El Salvador (11,500 MT), and Nicaragua (7,500 MT), were offset by reductions primarily for unknown destinations (113,400 MT) and Canada (54,600 MT).  Net sales of 348,200 MT for 2022/2023 were primarily for Japan (130,600 MT), China (90,500 MT), Colombia (60,000 MT), Mexico (36,500 MT), and El Salvador (15,000 MT).  Exports of 916,100 MT were down 11 percent from the previous week and 24 percent from the prior 4-week average.  The destinations were primarily to China (404,900 MT), Mexico (227,200 MT), Japan (223,900 MT, including 400 MT – late), Morocco (30,200 MT – late), and Canada (13,800 MT).

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 108,300 MT is for unknown destinations (65,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 35,400 MT is for Italy.

Late Reporting: For 2021/20222, net sales totaling 30,200 MT of corn were reported late for Morocco.  Exports totaling 30,600 MT of corn were reported late for Morocco (30,200 MT) and Japan (400 MT).

Barley:  No net sales were reported for the week.  Exports of 500 MT were up noticeably from the previous week, but down 7 percent from the prior 4-week average. The destination was to Japan.

Sorghum:  Net sales reductions of 2,600 MT for 2021/2022 were down noticeably from the previous week and from the prior 4-week average.  Increases reported for China (77,700 MT, including 68,000 MT switched from unknown destinations), were more than offset by reductions for unknown destinations (78,000 MT) and Mexico (2,300 MT).  Exports of 186,200 MT were up noticeably from the previous week and up 74 percent from the prior 4-week average.  The destinations were primarily to China (147,800 MT) and Mexico (38,100 MT).