Market Perspectives – June 14, 2018

U.S Export Statistics

Corn:  Net sales of 936,400 MT for 2017/2018 were up 12 percent from the previous week and 2 percent from the prior 4-week average.  Increases were reported for South Korea (402,000 MT, including 62,300 MT switched from unknown destinations), Vietnam (138,000 MT, including 129,000 MT switched from unknown destinations and decreases of 400 MT), Japan (105,100 MT, including decreases of 9,900 MT), Mexico (98,300 MT, including decreases of 13,200 MT), and Morocco (79,500 MT, including 51,500 MT switched from unknown destinations).  Reductions were primarily for unknown destinations (247,600 MT).  For 2018/2019, net sales of 240,200 MT were primarily reported for South Korea (68,000 MT), Taiwan (65,000 MT), and Japan (50,000 MT).  Exports of 1,405,700 MT were down 3 percent from the previous week and 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (361,700 MT), Vietnam (206,000 MT), South Korea (147,100 MT), Saudi Arabia (138,500 MT), and Japan (108,000 MT). 

Optional Origin Sales:  For 2017/2018, options were exercised to export 70,000 MT to South Korea from the United States.  The current optional origin outstanding balance of 417,000 MT is for South Korea (206,000 MT), unknown destinations (91,000 MT), Saudi Arabia (70,000 MT), and Egypt (50,000 MT).  For 2018/2019, new optional origin sales of 68,000 MT were reported for South Korea.  The current outstanding balance of 138,000 MT is for Saudi Arabia (70,000 MT) and South Korea (68,000 MT). 

Barley:  No net sales were reported for the week.  Exports of 1,600 MT were primarily to Japan (1,200 MT). 

Sorghum:  No net sales were reported for the week.  Exports of 4,800 MT were up 7 percent from the previous week, but down 88 percent from the prior 4-week average.  The destinations were Japan (4,200 MT), Taiwan (300 MT), China (200 MT), and Mexico (100 MT).