Market Perspectives – July 2, 2020

U.S. Export Statistics

Corn:  Net sales of 361,100 MT for 2019/2020 were down 22 percent from the previous week and 32 percent from the prior 4-week average.  Increases primarily for Japan (240,100 MT, including 192,300 MT switched from unknown destinations and decreases of 1,800 MT), Mexico (168,300 MT, including 61,000 MT switched from unknown destinations and decreases of 14,900 MT), Colombia (75,100 MT, including 63,400 MT switched from unknown destinations and decreases of 200 MT), Peru (41,700 MT), and Tunisia (31,000 MT, including 30,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (282,600 MT).  For 2020/2021, net sales of 262,700 MT were primarily for unknown destinations (109,900 MT), Japan (100,500 MT), Mexico (22,400 MT), and Taiwan (13,500 MT).

Exports of 1,439,900 MT–a marketing-year high–were up 10 percent from the previous week and 21 percent from the prior 4-week average.  The destinations were primarily to Japan (456,700 MT, including 144,600 MT late – see below), Mexico (283,400 MT), South Korea (173,300 MT, including 37,300 MT late – see below), China (144,300 MT), and Colombia (101,600 MT).

Optional Origin Sales:  For 2019/2020, the current outstanding balance of 325,000 MT is for South Korea (195,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, the current outstanding balance of 195,000 MT is for Vietnam.

Late Reporting: For 2019/2020, net sales totaling 74,100 MT were reported late. These sales were reported for unknown destinations.  For 2019/2020, exports totaling 229,800 MT were reported late. The destinations were to Japan (144,600 MT), South Korea (37,300 MT), Tunisia (31,000 MT), and Jamaica (17,000 MT).

Barley:  Net sales of 1,000 MT for 2020/2021 were primarily for South Korea (900 MT).  Exports of 800 MT were primarily to Japan.

Sorghum:  Net sales of 144,400 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for China (76,800 MT, including 68,000 MT switched from unknown destinations), unknown destinations (62,800 MT), and Japan (4,700 MT, switched from unknown destinations).  For 2020/2021, total net sales of 68,000 MT were for unknown destinations.  Exports of 131,300 MT were up 19 percent from the previous week, but down 19 percent from the prior 4-week average.  The destinations were to China (125,400 MT), Japan (4,700 MT late – see below), and Mexico (1,200 MT).

Late Reporting:  For 2019/2020, exports totaling 4,700 MT were reported late.  The destination was to Japan.