Market Perspectives – July 27, 2023

U.S. Export Statistics

Corn:  Net sales of 314,200 MT for 2022/2023 were up 33 percent from the previous week and 15 percent from the prior 4-week average. Increases primarily for Mexico (161,100 MT), Japan (109,700 MT, including 45,900 MT switched from unknown destinations and decreases of 200 MT), Canada (70,900 MT), Venezuela (26,000 MT), and Honduras (12,100 MT, including 7,500 MT switched from El Salvador and decreases of 80,800 MT), were offset by reductions for unknown destinations (48,900 MT), El Salvador (14,500 MT), and Guatemala (6,100 MT). Net sales of 335,800 MT for 2023/2024 were reported for Canada (164,800 MT), Mexico (141,300 MT), Taiwan (20,200 MT), unknown destinations (9,000 MT), and Honduras (500 MT).

Exports of 411,400 MT were up 7 percent from the previous week, but down 25 percent from the prior 4-week average. The destinations were primarily to Mexico (175,900 MT), Guatemala (62,300 MT), Honduras (56,700 MT), Japan (56,200 MT, including 10,300 MT – late), and El Salvador (27,400 MT).

Late Reporting:  For 2022/2023, exports totaling 10,328 MT of corn were late to Japan.

Barley:  No net sales or exports were reported for the week.

Sorghum:  Net sales of 38,300 MT for 2022/2023 were down 84 percent from the previous week and 75 percent from the prior 4-week average. Increases reported for China (91,300 MT, including 53,000 MT switched from unknown destinations and decreases of 2,300 MT), were offset by reductions for unknown destinations (53,000 MT). Net sales of 121,000 MT for 2023/2024 were reported for unknown destinations (68,000 MT) and China (53,000 MT). Exports of 169,200 MT were up 23 percent from the previous week and up noticeably from the prior 4-week average. The destinations were to China (168,300 MT) and Mexico (900 MT).