Market Perspectives – March 1, 2018

U.S. Export Statistics

Corn: Net sales of 1,753,000 MT for 2017/2018 were up 13 percent from the previous week, but down 2 percent from the prior 4-week average. Increases were reported for Japan (514,500 MT, including 44,700 MT switched from unknown destinations and decreases of 9,100 MT), Mexico (217,300 MT, including decreases of 6,600 MT), Egypt (170,000 MT), South Korea (134,200 MT, including decreases of 8,800 MT), Saudi Arabia (114,800 MT, including 85,000 MT switched from unknown destinations), and Honduras (101,800 MT). Exports of 1,275,700 MT–a marketing-year high–were up 50 percent from the previous week and 37 percent from the prior 4-week average. The destinations were primarily to Mexico (244,100 MT), Japan (225,100 MT), South Korea (204,000 MT), Saudi Arabia (114,800 MT), and Colombia (92,400 MT). 

Optional Origin Sales: For 2017/2018, options were exercised to export 68,000 MT to South Korea from the United States. The current optional origin outstanding balance of 706,000 MT is for South Korea (274,000 MT), unknown destinations (246,000 MT), and Vietnam (186,000 MT). 

Barley: No net sales were reported for the week. Exports of 600 MT were reported to Japan (500 MT) and Taiwan (100 MT).

Sorghum: Net sales reductions of 2,100 MT for 2017/2018 were reported for China. Exports of 55,600 MT were down 82 percent from the previous week and 73 percent from the prior 4-week average. The destination was China.