Market Perspectives – March 17, 2022

U.S. Export Statistics

Corn:  Net sales of 1,836,400 MT for 2021/2022 were down 14 percent from the previous week, but up 64 percent from the prior 4-week average.  Increases primarily for Japan (538,400 MT, including 94,500 MT switched from unknown destinations), unknown destinations (303,000 MT), Mexico (235,100 MT, including decreases of 35,400 MT), Colombia (179,800 MT, including 40,000 MT switched from unknown destinations and decreases of 6,900 MT), and South Korea (133,600 MT), were offset by reductions for China (2,100 MT) and Guatemala (400 MT).  Total net sales of 204,000 MT for 2022/2023 were for China.

Exports of 1,273,500 MT were down 28 percent from the previous week and 25 percent from the prior 4-week average.  The destinations were primarily to China (335,900 MT), Mexico (279,500 MT), Colombia (175,000 MT), Japan (94,700 MT), and Guatemala (87,300 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 60,000 MT were reported for Morocco.  The current outstanding balance of 345,800 MT is for unknown destinations (180,000 MT), South Korea (65,000 MT), Morocco (60,000 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 108,300 MT for 2021/2022 were up noticeably from the previous week and up 36 percent from the prior 4-week average.  Increases reported for China (128,300 MT, including 130,000 MT switched from unknown destinations and decreases of 7,900 MT), were offset by reductions for unknown destinations (20,000 MT).  Exports of 259,300 MT were up 26 percent from the previous week and 40 percent from the prior 4-week average.  The destination was primarily to China (257,400 MT).