Market Perspectives – June 20, 2024

U.S. Export Statistics

Publication of the USDA export sales report for the week of June 13, 2024, is delayed until Friday, June 21 due to the U.S. federal holiday on Wednesday, June 19. Therefore, the previous week’s export sales numbers and commentary are provided here. Export inspections data was available and has been updated.

Corn

Net sales of 1,056,100 MT for 2023/2024 were down 11 percent from the previous week, but up 16 percent from the prior 4-week average. Increases primarily for Japan (414,100 MT, including 110,000 MT switched from unknown destinations and decreases of 1,000 MT), Colombia (184,500 MT, including 101,000 MT switched from unknown destinations and decreases of 38,900 MT), Mexico (168,000 MT, including decreases of 4,100 MT), unknown destinations (99,900 MT), and China (70,900 MT, including decreases of 200 MT), were offset by reductions for Honduras (30,000 MT), Panama (17,000 MT), and Costa Rica (200 MT). Net sales of 69,500 MT for 2024/2025 reported for Mexico (42,600 MT), unknown destinations (20,000 MT), and Panama (16,000 MT), were offset by reductions for Japan (8,000 MT) and Nicaragua (1,100 MT). Exports of 1,249,000 MT were down 16 percent from the previous week, but up 1 percent from the prior 4-week average. The destinations were primarily to Mexico (422,800 MT), Japan (262,900 MT), Colombia (103,400 MT), Taiwan (81,200 MT), and China (76,800 MT).

Barley

No net sales were reported for the 2024/2025 marketing year, which began June 1. A total of 5,300 MT in sales were carried over from the 2023/2024 marketing year, which ended May 31. Accumulated exports were 6,300 MT, down 39 percent from the prior year’s total of 8,700 MT. There were no exports for the period ending May 31 and June 6.

Sorghum

Net sales of 118,800 MT for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. Increases reported for China (237,800 MT, including 121,000 MT switched from unknown destinations) and Eritrea (33,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (151,000 MT) and Japan (1,000 MT). Exports of 179,800 MT were up noticeably from the previous week and up 88 percent from the prior 4-week average. The destinations were to China (137,800 MT), Eritrea (33,000 MT), and Japan (9,000 MT).