Market Perspectives – July 5, 2019

U.S. Export Statistics

Corn: Net sales of 175,600 MT for 2018/2019 were down 41 percent from the previous week, but up 42 percent from the prior 4-week average. Increases were reported for Mexico (74,300 MT, including decreases of 11,800 MT), Japan (53,300 MT), Canada (24,300 MT), Honduras (23,600 MT, including 12,400 MT switched from unknown destinations and 10,000 MT switched from Guatemala), and the Dominican Republic (19,600 MT, including 18,000 MT switched from unknown destinations). Reductions were primarily for unknown destinations (35,400 MT).

For 2019/2020, net sales of 156,300 MT primarily for unknown destinations (62,800 MT), Japan (60,000 MT), and Mexico (30,000 MT), were partially offset by reductions for Guatemala (800 MT). Exports of 293,300 MT–a marketing-year low–were down 58 percent from the previous week and 61 percent from the prior 4-week average. The destinations were primarily to Mexico (180,200 MT), Guatemala (27,100 MT), the Dominican Republic (19,600 MT), Canada (15,800 MT), and Colombia (13,900 MT).

Optional Origin: For 2018/2019, new optional origin sales of 100 MT were reported for South Korea. The current outstanding balance of 301,100 MT is for South Korea (186,100 MT), Taiwan (65,000 MT), and unknown destinations (50,000 MT). For 2019/2020, the current outstanding balance of 408,600 MT is for South Korea (195,000 MT), unknown destinations (153,600 MT), and Israel (60,000 MT).

Barley: Net sales of 500 MT for 2019/2020 were reported for Japan. Exports of 600 MT were to Japan (400 MT) and South Korea (200 MT).

Sorghum: Net sales reductions of 3,900 MT for 2018/2019 resulted in increases for China (48,800 MT, switched from unknown destinations) and Mexico (300 MT, including decreases of 100 MT). Exports of 52,000 MT were down 53 percent from the previous week and 6 percent from the prior 4-week average. The destinations were China (49,500 MT) and Mexico (2,500 MT).

Optional Origin: For 2018/2019, options were exercised to export 500 MT to Japan from other than the United States.