Market Perspectives – March 12, 2020

U.S. Export Statistics

Corn:  Net sales of 1,471,200 MT for 2019/2020 were up 91 percent from the previous week and 53 percent from the prior 4-week average.  Increases primarily for Japan (750,500 MT, including 37,100 MT switched from unknown destinations and decreases of 11,600 MT), South Korea (198,400 MT, including decreases of 1,900 MT), unknown destinations (178,800 MT), Mexico (163,800 MT, including 26,000 MT switched from unknown destinations and decreases of 1,100 MT), and Colombia (56,200 MT, including decreases of 300 MT), were offset by reductions primarily for Peru (50,000 MT).  For 2020/2021, net sales of 128,100 MT were for Mexico (90,000 MT) and Japan (38,100 MT).

Exports of 851,700 MT were down 4 percent from the previous week, but up 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (368,200 MT), Japan (192,300 MT), Chile (84,600 MT), South Korea (66,800 MT), and Costa Rica (66,600 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 68,000 MT to South Korea from the United States.  The current outstanding balance of 711,000 MT is for South Korea (651,000 MT) and Israel (60,000 MT).

Barley: There were no sales or exports reported during the week.

Sorghum:  Net sales of 260,200 MT for 2019/2020 were up noticeably from the previous week and 78 percent from the prior 4-week average.  Increases were for China (175,000 MT), unknown destinations (71,000 MT), Japan (12,000 MT), Mexico (2,100 MT), and South Korea (100 MT).  Exports of 13,200 MT were down 86 percent from the previous week and 80 percent from the prior 4-week average.  The destinations were Mexico (13,100 MT) and South Korea (100 MT).