Market Perspectives March 10, 2016

U.S. Export Statistics

Corn: Net sales of 1,172,300 MT for 2015/2016 were up 7 percent from the previous week and 37 percent from the prior 4-week average. Increases were reported for Mexico (339,100 MT), Japan (306,900 MT, including 207,600 MT switched from unknown destinations and decreases of 3,200 MT), Colombia (258,800 MT, including 85,000 MT switched from unknown destinations and decreases of 1,400 MT), Egypt (110,000 MT, including 55,000 MT switched from unknown destinations), South Korea (66,000 MT, including 60,000 MT switched from unknown destinations), China (64,000 MT, switched from unknown destinations), and Peru (53,500 MT). Reductions were reported for unknown destinations (161,000 MT) and Saudi Arabia (4,100 MT). For 2016/2017, net sales of 20,000 MT were reported for El Salvador (10,000 MT) and Peru (10,000 MT). Exports of 1,052,500 MT–a marketing-year high–were up 33 percent from the previous week and 48 percent from the prior 4-week average. The primary destinations were Japan (265,500 MT), Mexico (231,900 MT), Colombia (144,000 MT), Saudi Arabia (66,000 MT), South Korea (65,500 MT), and Venezuela (60,000 MT).

Optional Origin Sales: For 2015/2016, the current outstanding balance totals 340,000 MT, all unknown destinations.

Export Adjustments: Accumulated exports to Japan were adjusted down 63,090 MT for week ending February 18, 2016.

Barley: There were no sales reported for 2015/2016 during the week. For 2016/2017, net sales of 2,300 MT were reported for Japan. Exports of 200 MT were reported to Taiwan.

Sorghum: Net sales of 54,400 MT for 2015/2016 were up 39 percent from the previous week, but down 53 percent from the prior 4-week average. Increases for China (154,900 MT, including 101,300 MT switched from unknown destinations and decreases of 1,500 MT) and Mexico (2,500 MT), were partially offset by reductions for unknown destinations (103,000 MT). Exports of 106,900 MT were unchanged from the previous week, but down 42 percent from prior 4-week average. The destinations were China (102,400 MT), Mexico (4,400 MT), and South Korea (100 MT).