Market Perspectives – June 18, 2020

U.S. Export Statistics

Corn:  Net sales of 357,800 MT for 2019/2020 were down 46 percent from the previous week and 45 percent from the prior 4-week average.  Increases primarily for unknown destinations (81,700 MT), South Korea (72,600 MT, including 69,600 MT late – see below), Guatemala (50,300 MT, including decreases of 1,200 MT), Mexico (47,400 MT, including decreases of 14,000 MT), and Venezuela (42,900 MT, including 42,000 MT switched from unknown destinations and decreases of 1,000 MT), were offset by reductions for Jamaica (11,200 MT) and Canada (9,800 MT).  For 2020/2021, net sales of 114,800 MT reported for Guatemala (74,800 MT), Jamaica (20,700 MT), Canada (10,200 MT), Japan (8,000 MT), and Nicaragua (2,000 MT), were offset by reductions for Mexico (900 MT).

Exports of 877,400 MT were down 29 percent from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (222,900 MT), Japan (176,300 MT), South Korea (135,300 MT, including 69,600 MT late – see below), China (66,100 MT), and the Philippines (56,700 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 69,000 MT to South Korea from the United States.  The current outstanding balance of 390,000 MT is for South Korea (260,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, the current outstanding balance of 195,000 MT is for Vietnam.

Late Reporting:  For 2019/2020, net sales totaling 69,600 MT were reported late.  These sales were reported for South Korea.  For 2019/2020, exports totaling 69,600 MT were reported late.  The destination was to South Korea.

Barley:  No net sales or exports for 2020/2021 were reported for the week.

Sorghum:  Net sales reductions of 3,300 MT for 2019/2020 were down noticeably from the previous week and from the prior 4-week average.  Increases reported for China (116,500 MT, including 117,000 MT switched from unknown destinations and decreases of 3,900 MT) and New Zealand (1,700 MT), were more than offset by reductions primarily for unknown destinations (121,000 MT).  For 2020/2021, total net sales of 110,000 MT were for China.  Exports of 215,700 MT were down 6 percent from the previous week, but up 18 percent from the prior 4-week average.  The destinations were primarily to China (171,500 MT) and New Zealand (34,700 MT).