Market Perspectives – March 19, 2020

U.S. Export Statistics

Corn:  Net sales of 904,500 MT for 2019/2020 were down 39 percent from the previous week and 17 percent from the prior 4-week average.  Increases primarily for Japan (386,200 MT, including 161,900 MT switched from unknown destinations and decreases of 3,200 MT), South Korea (269,500 MT, including 68,000 MT switched from unknown destinations and decreases of 2,200 MT), Mexico (241,300 MT, including decreases of 16,300 MT), Colombia (169,000 MT, including 82,000 MT switched from unknown destinations and decreases of 2,900 MT), and El Salvador (40,700 MT, including 7,500 MT switched from Guatemala), were offset by reductions primarily for unknown destinations (265,300 MT).  For 2020/2021, net sales of 56,100 MT resulting in increases for Mexico (79,300 MT), were offset by reductions for Guatemala (23,200 MT).

Exports of 970,200 MT–a marketing-year high–were up 14 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to Mexico (290,600 MT), Japan (283,800 MT), Colombia (92,000 MT), South Korea (67,200 MT), and Guatemala (44,900 MT).

Optional Origin Sales:  For 2019/2020, the current outstanding balance of 711,000 MT is for South Korea (651,000 MT) and Israel (60,000 MT).

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 200 MT–a marketing-year low–were unchanged from the previous week, but down 40 percent from the prior 4-week average.  The destination was Taiwan.

Sorghum:  Net sales of 366,000 MT for 2019/2020 were up 41 percent from the previous week and 77 percent from the prior 4-week average.  Increases were for China (202,300 MT, including 66,000 MT switched from unknown destinations), unknown destinations (128,000 MT), Mexico (22,500 MT, including decreases of 11,400 MT), and Japan (13,200 MT, including decreases of 3,000 MT).  Exports of 74,900 MT were up noticeably from the previous week and up 55 percent from the prior 4-week average.  The destinations were China (71,300 MT), Japan (3,200 MT), and Mexico (400 MT).