Market Perspectives – June 21, 2018

U.S. Export Statistics

Corn:  Net sales of 165,900 MT for 2017/2018 were down 82 percent from the previous week and from the prior 4-week average.  Increases were reported for Mexico (214,800 MT, including 32,000 MT switched from unknown destinations and decreases of 39,800 MT), Japan (142,600 MT, including 83,700 MT switched from unknown destinations, 63,000 MT switched from South Korea, and decreases of 14,400 MT), Peru (108,000 MT, including 100,000 MT switched from unknown destinations and decreases of 3,000 MT), Spain (71,500 MT, including 65,000 MT switched from unknown destinations), and the Netherlands (69,400 MT, including 65,000 MT switched from unknown destinations).  Reductions were primarily for unknown destinations (584,700 MT) and South Korea (61,100 MT).  For 2018/2019, net sales of 339,700 MT reported for South Korea (191,000 MT), Mexico (73,000 MT), and Panama (40,500 MT), were partially offset by reductions for Japan (1,000 MT).  Exports of 1,762,900 MT were up 25 percent from the previous week and 13 percent from the prior 4-week average.  The destinations were primarily to Japan (550,700 MT), Mexico (338,900 MT), Spain (182,500 MT), South Korea (130,000 MT), and Peru (97,000 MT).

Optional Origin Sales:  For 2017/2018, 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, the current outstanding balance of 138,000 MT is for Saudi Arabia (70,000 MT) and South Korea (68,000 MT). 

Barley:  Net sales of 400 MT were reported for Taiwan.  Exports of 100 MT were to Taiwan. 

Sorghum:  Net sales of 55,000 MT were reported for unknown destinations.  Exports of 1,100 MT were down 78 percent from the previous week and 96 percent from the prior 4-week average.  The destination was Mexico.