Market Perspectives – June 9, 2022

U.S. Export Statistics

Corn:  Net sales of 280,400 MT for 2021/2022 were up 51 percent from the previous week and 19 percent from the prior 4-week average.  Increases primarily for Mexico (89,500 MT, including decreases of 39,500 MT), Japan (76,500 MT, including 73,900 MT switched from unknown destinations), Colombia (34,400 MT, including 30,000 MT switched from unknown destinations and decreases of 12,800 MT), Venezuela (28,300 MT, including 15,000 MT switched from unknown destinations and decreases of 1,700 MT), and Jamaica (27,900 MT), were offset by reductions primarily for unknown destinations (41,300 MT) and Guatemala (27,300 MT).  Net sales of 73,500 MT for 2022/2023 reported for unknown destinations (53,800 MT), Mexico (20,000 MT), and Jamaica (9,700 MT), were offset by reductions for Japan (10,000 MT).  Exports of 1,381,600 MT were down 13 percent from the previous week and 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (344,900 MT), China (266,600 MT), Taiwan (144,400 MT), Japan (118,700 MT), and Colombia (84,700 MT).

Optional Origin Sales:  For 2021/2022, options were exercised to export 60,000 MT to unknown destinations from the United States.  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 2022/2023 marketing year, which began June 1.  A total of 5,200 MT in sales were carried over from the 2021/2022 marketing year, which ended May 31.  Accumulated exports were 15,300 MT, down 43 percent from the prior year’s total of 26,800 MT.  There were no exports for the period ending May 31 and no exports for the period ending June 1.

Sorghum:  Net sales of 10,200 MT for 2021/2022 were down 69 percent from the previous week and down noticeably from the prior 4-week average.  Increases reported for China (73,200 MT, including decreases of 600 MT), were offset by reductions for unknown destinations (63,000 MT).  Exports of 217,700 MT were up 60 percent from the previous week and 10 percent from the prior 4-week average.  The destination was China.