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Market Perspectives – March 15, 2018

Contents

  1. Chicago Board of Trade Market News
  2. CBOT May Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller's Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spread
  9. Ocean Freight Comments
  10. Interest Rates

U.S. Export Statistics

Corn: Net sales of 2,505,100 MT for 2017/2018–a marketing-year high–were up 35 percent from the previous week and 41 percent from the prior 4-week average. Increases were reported for Japan (838,000 MT, including 35,400 MT switched from unknown destinations and decreases of 11,700 MT), Taiwan (388,600 MT, including 167,500 MT, switched from unknown destinations), South Korea (206,800 MT, including 65,000 MT switched from unknown destinations and decreases of 70,500 MT), Mexico (197,900 MT, including decreases of 22,300 MT), and Panama (163,900 MT). Reductions were reported for the French West Indies (6,300 MT) and El Salvador (4,100 MT). For 2018/2019, net sales of 100,000 MT were primarily reported for Panama (43,300 MT) and Japan (24,900 MT). Exports of 1,406,300 MT–a marketing-year high–were up 31 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were Japan (360,700 MT), Mexico (319,100 MT), Taiwan (190,900 MT), Saudi Arabia (130,500 MT), and Colombia (125,500 MT).

Optional Origin Sales: For 2017/2018, options were exercised to export 70,000 MT to South Korea from the United States. The current optional origin outstanding balance of 636,000 MT is for unknown destinations (246,000 MT), South Korea (204,000 MT), and Vietnam (186,000 MT).

Barley: No net sales were reported for the week. Exports of 1,300 MT were reported to Taiwan (900 MT), South Korea (200 MT), and Japan (200 MT).

Sorghum: Net sales of 5,900 MT for 2017/2018 resulted as increases for China (129,900 MT, including 124,000 MT switched from unknown destinations and decreases of 500 MT), were partially offset by reductions for unknown destinations (124,000 MT). Exports of 186,000 MT were down 42 percent from the previous week and 9 percent from the prior 4-week average. The destination was China.

Export Adjustments: Accumulated exports to China were adjusted down 51,754 MT for week ending February 15th and 50,900 MT for week ending February 22nd. These shipments were reported twice.