Market Perspectives – June 16, 2022

U.S. Export Statistics

Corn:  Net sales of 140,900 MT for 2021/2022–a marketing-year low–were down 50 percent from the previous week and 45 percent from the prior 4-week average.  Increases primarily for Mexico (124,500 MT, including decreases of 36,600 MT), Japan (117,200 MT, including 112,300 MT switched from unknown destinations and decreases of 700 MT), South Korea (72,400 MT, including 68,000 MT switched from unknown destinations and decreases of 1,200 MT), the Lee Ward Windward Islands (10,100 MT, including 9,300 MT switched from unknown destinations and 700 MT switched from Barbados), and China (4,900 MT), were offset by reductions primarily for unknown destinations (189,400 MT).  Net sales of 138,900 MT for 2022/2023 primarily for Mexico (77,000 MT), Japan (50,000 MT), unknown destinations (6,100 MT), and Colombia (4,000 MT), were offset by reductions for El Salvador (1,300 MT).  Exports of 1,387,100 MT were unchanged from the previous week, but down 10 percent from the prior 4-week average.  The destinations were primarily to Mexico (459,700 MT), China (412,900 MT), Japan (230,500 MT), South Korea (137,800 MT), and Canada (63,600 MT).

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 218,300 MT is for unknown destinations (175,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 35,400 MT is for Italy.

Barley:  No net sales were reported for the week.  Exports of 1,000 MT were to Japan.

Sorghum:  Net sales of 2,100 MT for 2021/2022 were down 79 percent from the previous week and down noticeably from the prior 4-week average.  Increases reported for China (67,100 MT, including 65,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (65,000 MT).  Exports of 133,400 MT were down 39 percent from the previous week and 28 percent from the prior 4-week average.  The destination was China.