Market Perspectives – June 25, 2020

U.S. Export Statistics

Corn:  Net sales of 461,700 MT for 2019/2020 were up 29 percent from the previous week, but down 11 percent from the prior 4-week average.  Increases primarily for Mexico (295,700 MT, including 52,500 MT switched from unknown destinations and decreases of 16,200 MT), Peru (87,400 MT, including 83,000 MT switched from unknown destinations), China (66,100 MT), South Korea (65,500 MT, including decreases of 1,700 MT), and Japan (36,900 MT, including decreases of 10,000 MT), were offset by reductions primarily for unknown destinations (180,500 MT).  For 2020/2021, net sales of 77,000 MT were reported for Costa Rica (59,600 MT), Taiwan (11,000 MT), Honduras (3,500 MT), and Guatemala (2,900 MT).

Exports of 1,313,000 MT were up 50 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to Mexico (397,400 MT), South Korea (201,500 MT, including 132,800 MT late – see below), Japan (146,400 MT, including 13,500 MT late – see below), Israel (88,200 MT), and Peru (87,000 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 325,000 MT is for South Korea (195,000 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, exports to South Korea (132,800 MT) and Japan (13,500 MT) were reported late.

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

Sorghum:  Net sales reductions of 1,000 MT for 2019/2020 were down 69 percent from the previous week and down noticeably from the prior 4-week average.  Increases reported for China (59,000 MT, including 60,000 MT switched from unknown destinations and decreases of 6,100 MT), were more than offset by reductions for unknown destinations (60,000 MT).  Exports of 110,000 MT were down 49 percent from the previous week and 36 percent from the prior 4-week average.  The destination was China.