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Market Perspectives – June 13, 2019

Contents

  1. Chicago Board of Trade Market News
  2. CBOT July Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller's Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spread
  9. Ocean Freight Comments

U.S. Export Statistics

Corn: Net sales of 168,500 MT for 2018/2019 were up noticeably from the previous week, but down 64 percent from the prior 4-week average. Increases were reported for Japan (164,900 MT, including 140,000 MT switched from unknown destinations and decreases of 41,000 MT), Colombia (94,600 MT, including 70,000 MT switched from unknown destinations, 30,000 MT switched from Mexico, and decreases of 1,000 MT), Taiwan (58,300 MT, including 2,600 MT switched from Japan), Canada (13,600 MT), and Costa Rica (11,100 MT, including 10,100 MT switched from Nicaragua). Reductions were primarily for unknown destinations (184,500 MT). For 2019/2020, net sales of 94,100 MT reported for unknown destinations (101,600 MT), Nicaragua (1,500 MT), and Costa Rica (1,100 MT), were partially offset by reductions for Canada (10,200 MT). Exports of 888,600 MT were up 15 percent from the previous week, but down 18 percent from the prior 4-week average. The destinations were primarily to Japan (322,100 MT), Mexico (253,400 MT), Colombia (95,800 MT), and Taiwan (58,600 MT).

Optional Origin: For 2018/2019, options were exercised to export 71,400 MT to South Korea from other than the United States. The current outstanding balance of 353,000 MT is for South Korea (190,000 MT), unknown destinations (98,000 MT), and Taiwan (65,000 MT). For 2019/2020, the current outstanding balance of 250,000 MT is for south Korea (130,000 MT) and unknown destinations (120,000 MT).

Barley: Net sales for the 2019/2020 marketing year, which begin June, totaling reductions of 1,500 MT were reported for South Korea. A total of 18,700 MT in sales was carried over from the 2018/2019 marketing year, which ended May 31. Accumulated exports were 42,500 MT, up 26 percent from the prior year’s total of 1,600 MT. There were no exports for the period ending May 31. Exports for June 1 totaled 500 MT, with Japan being the destination.

Sorghum: Net sales reductions of 200 MT for 2018/2019 resulted in increases for China (49,800 MT, switched from unknown destinations and decreases of 200 MT). Exports of 49,800 MT were down 17 percent from the previous week, but up 13 percent from the prior 4-week average. The destination was China.

Optional Origin: For 2018/2019, the current outstanding balance of 10,500 MT is for unknown destinations.