Market Perspectives – July 26, 2018

U.S. Export Statistics

Corn: Net sales of 338,500 MT for 2017/2018 were down 47 percent from the previous week and 42 percent from the prior 4-week average. Increases were reported for Mexico (110,800 MT, including decreases of 47,800 MT), South Korea (72,000 MT, including decreases of 3,900 MT), Israel (47,000 MT, including 50,000 MT switched from unknown destinations and decreases of 3,000 MT), unknown destinations (42,400 MT), and Egypt (41,400 MT). Reductions were primarily for Argentina (80,000 MT) and France (20,000 MT). For 2018/2019, net sales of 747,500 MT were reported for Mexico (249,900 MT), unknown destinations (125,400 MT), Japan (114,000 MT), Taiwan (79,000 MT), and South Korea (69,000 MT). Exports of 1,281,900 MT were down 1 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (338,600 MT), Japan (283,400 MT), South Korea (198,500 MT), Colombia (95,700 MT), and Peru (77,800 MT). 

Optional Origin Sales: For 2017/2018, increases were reported for Italy (25,000 MT, switched from unknown destinations). Options were exercised to export 68,000 MT to South Korea and 40,000 MT to Egypt from the United States. Options were exercised to export 23,800 MT to Italy from other than the United States. Decreases totaling 67,300 MT were reported for Italy (1,300 MT) and unknown destinations (66,000 MT). The current optional origin outstanding balance of 138,000 MT is for South Korea. For 2018/2019, 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 1,600 MT were to Japan (1,500 MT) and South Korea (100 MT).

Sorghum: Net sales of 1,000 MT were for Japan. Exports of 13,000 MT were to Japan (11,000 MT) and Mexico (2,000 MT).