Market Perspectives – July 19, 2018

U.S. Export Statistics

Corn:  Net sales of 641,000 MT for 2017/2018 were up 59 percent from the previous week and 38 percent from the prior 4-week average.  Increases were reported for Japan (123,800 MT, including 43,100 MT switched from unknown destinations and decreases of 2,100 MT), Mexico (123,200 MT, including decreases of 300 MT), Argentina (80,000 MT), Saudi Arabia (77,500 MT, including 73,000 MT switched from unknown destinations and decreases of 3,300 MT), and Egypt (75,800 MT, including 25,800 MT switched from Spain and decreases of 10,000 MT).  Reductions were primarily for unknown destinations (96,600 MT), Spain (25,800 MT), the United Kingdom (21,000 MT), and France (20,000 MT).  For 2018/2019, net sales of 774,500 MT were reported for Mexico (245,200 MT), South Korea (126,000 MT), El Salvador (99,700 MT), and Guatemala (96,100 MT).  Exports of 1,293,000 MT were down 7 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to Mexico (335,700 MT), Japan (211,400 MT), South Korea (129,800 MT), Peru (77,600 MT), and Saudi Arabia (76,300 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 138,000 MT were reported for South Korea.  The current outstanding balance of 463,000 MT is for South Korea (343,000 MT), Saudi Arabia (70,000 MT), and unknown destinations (50,000 MT).

Barley:  No net sales were reported for the week.  Exports of 1,300 MT were to Japan.

Sorghum:  Net sales reductions of 114,000 MT were for Mexico.  For 2018/2019, net sales reductions of 38,000 MT were reported for Mexico.  Exports of 800 MT were to Mexico.