Market Perspectives – March 18, 2021

U.S. Export Statistics

Corn:  Net sales of 985,900 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (624,800 MT, including 612,000 MT switched from unknown destinations), Mexico (285,500 MT, including 24,500 MT switched from unknown destinations and decreases of 2,000 MT), Colombia (208,500 MT, including 116,000 MT switched from unknown destinations and decreases of 45,300 MT), South Korea (168,200 MT, including 68,000 MT switched from unknown destinations and decreases of 15,500 MT), and Japan (138,300 MT, including 88,800 MT switched from unknown destinations and decreases of 12,000 MT), were offset by reductions primarily for unknown destinations (1,038,000 MT).  For 2021/2022, net sales of 240,900 MT were reported for Mexico (195,700 MT), Guatemala (36,300 MT), and Canada (8,900 MT).

Exports of 2,199,400 MT–a marketing-year high–were up 38 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Japan (434,400 MT), Mexico (390,100 MT), China (356,900 MT), Colombia (199,900 MT), and Taiwan (192,400 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 30,000 MT were reported for the Ukraine. Options were exercised to export 125,000 MT to Taiwan (70,000 MT) and South Korea (55,000 MT) from the United States.  The current outstanding balance of 1,079,400 MT is for South Korea (738,000 MT), unknown destinations (244,000 MT), China (65,000 MT), and the Ukraine (32,400 MT).

Late Reporting:  For 2020/2021, net sales totaling 30,000 MT were reported late for Tunisia.

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

Sorghum:  For 2020/2021, net sales of 267,200 MT resulting in increases for China (289,200 MT, including 120,000 MT switched from unknown destinations and decreases of 15,200 MT), were offset by reductions for unknown destinations (22,000 MT).  Exports of 353,200 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destination was China.