Market Perspectives – July 23, 2020

U.S. Export Statistics

Corn:  Net sales of 220,600 MT for 2019/2020 were down 76 percent from the previous week and 56 percent from the prior 4-week average.  Increases primarily for Japan (154,100 MT, including 91,700 MT switched from unknown destinations and decreases of 1,500 MT), Peru (106,300 MT, including 98,600 MT switched from unknown destinations), Mexico (74,600 MT, including 30,000 MT switched from unknown destinations and decreases of 5,900 MT), Colombia (55,900 MT, including 30,000 MT switched from unknown destinations and decreases of 2,000 MT), and Guatemala (26,500 MT, including 27,500 MT switched from El Salvador), were offset by reductions for unknown destinations (222,900 MT), El Salvador (13,300 MT), and South Korea (400 MT).  For 2020/2021, net sales of 2,327,200 MT were primarily for China (1,960,000 MT), Mexico (211,000 MT), Colombia (54,000 MT), Honduras (48,200 MT), and unknown destinations (40,600 MT).

Exports of 1,050,900 MT were up 4 percent from the previous week, but down 13 percent from the prior 4-week average.  The destinations were primarily to Mexico (236,200 MT), Japan (230,500 MT), China (134,800 MT), South Korea (129,300 MT), and Peru (106,300 MT).

Optional Origin Sales:  For 2019/2020, new exports for own account totaling 65,000 MT were to South Korea.  The current outstanding balance of 390,000 MT is for South Korea (260,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, new exports for own account totaling 65,000 MT were to South Korea.  The current outstanding balance of 260,000 MT is for Vietnam (195,000 MT) and South Korea (65,000 MT).

Barley:  No net sales for 2020/2021 were reported for the week.  Exports of 300 MT were primarily to Taiwan.

Sorghum:  Net sales of 77,200 MT for 2019/2020 were up 6 percent from the previous week and 14 percent from the prior 4-week average.  Increases primarily for China (78,600 MT, including 68,000 MT switched from unknown destinations and decreases of 1,800 MT), were offset by reductions for Mexico (1,500 MT).  For 2020/2021, total net sales of 175,000 MT were for China.  Exports of 123,200 MT were up 75 percent from the previous week and 36 percent from the prior 4-week average.  The destination was primarily to China.