Market Perspectives – June 11, 2020

U.S. Export Statistics

Corn:  Net sales of 660,700 MT for 2019/2020 were up 4 percent from the previous week, but down 12 percent from the prior 4-week average.  Increases primarily for Japan (266,900 MT, including 95,300 MT switched from unknown destinations and decreases of 5,100 MT), Colombia (128,700 MT, including 25,000 MT switched from unknown destinations and decreases of 900 MT), South Korea (114,800 MT, including decreases of 7,000 MT), Mexico (90,200 MT, including decreases of 132,300 MT), and Saudi Arabia (59,500 MT, including 63,000 MT switched from unknown destinations and decreases of 3,500 MT), were offset by reductions primarily for unknown destinations (163,000 MT).  For 2020/2021, net sales of 25,900 MT reported for Peru (40,100 MT), Jamaica (5,000 MT), and Honduras (2,600 MT), were offset by reductions primarily for Mexico (14,600 MT) and Colombia (7,000 MT).

Exports of 1,241,200 MT were down 8 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to Mexico (293,700 MT), South Korea (237,300 MT), Japan (208,000 MT), Peru (129,800 MT), and Israel (61,900 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 65,000 MT were reported for Vietnam.  Options were exercised to export 54,000 MT to South Korea from the United States.  Decreases totaling 195,000 MT were reported for Vietnam.  The current outstanding balance of 459,000 MT is for South Korea (329,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, new optional origin sales of 195,000 MT were reported for Vietnam. The current outstanding balance of 195,000 MT is for Vietnam.

Export Adjustments: Accumulated exports of corn to Guatemala were adjusted down 3,469 MT for week ending May 28th. These exports were reported in error.

Barley:  No net sales were reported for the 2020/2021 marketing year, which began June 1.  A total of 9,200 MT in sales were carried over from the 2019/2020 marketing year, which ended May 31.  Accumulated exports were 41,100 MT, down 3 percent from the prior year’s total of 42,500 MT.  Exports for the period ending May 31 totaled 500 MT, with Japan being the destination. There were no exports for the period ending June 1.

Sorghum:  Net sales of 69,700 MT for 2019/2020 were down 25 percent from the previous week and 19 percent from the prior 4-week average.  Increases reported for China (66,700 MT) and Eritrea (33,000 MT, switched from unknown destinations), were offset by reductions for unknown destinations (30,000 MT).  For 2020/2021, total net sales of 83,000 MT were for unknown destinations.  Exports of 230,300 MT were up noticeably from the previous week and up 83 percent from the prior 4-week average.  The destinations were to China (197,300 MT) and Eritrea (33,000 MT, late – see below).