Market Perspectives – March 10, 2022

U.S. Export Statistics

Corn:  Net sales of 2,143,700 MT for 2021/2022–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for unknown destinations (800,600 MT), Japan (398,400 MT, including 37,500 MT switched from unknown destinations and decreases of 21,000 MT), Mexico (290,200 MT, including decreases of 40,600 MT), Saudi Arabia (140,000 MT, including 140,000 MT switched from unknown destinations and decreases 2,600 MT), and Colombia (129,600 MT, including 50,000 MT switched from unknown destinations and decreases of 125,300 MT), were offset by reductions for El Salvador (22,500 MT) and Costa Rica (2,900 MT).  Total net sales of 22,900 MT for 2022/2023 were for Mexico.

Exports of 1,763,300 MT were up 14 percent from the previous week and from the prior 4-week average.  The destinations were primarily to China (555,100 MT), Mexico (371,700 MT), Colombia (258,400 MT), Japan (205,100 MT), and Saudi Arabia (140,000 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 115,000 MT were reported for unknown destinations.  The current outstanding balance of 285,800 MT is for unknown destinations (180,000 MT), South Korea (65,000 MT), Italy (31,800 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 3,900 MT is for Italy.

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

Sorghum:  Net sales of 7,100 MT for 2021/2022 were down 93 percent from the previous week and 94 percent from the prior 4-week average.  Increases reported for China (72,100 MT, including 65,000 MT switched from unknown destinations and decreases of 400 MT), were offset by reductions for unknown destinations (65,000 MT).  Exports of 206,100 MT were up 49 percent from the previous week and 19 percent from the prior 4-week average.  The destination was primarily to China (204,900 MT).