Market Perspectives – March 2, 2023

U.S. Export Statistics

Corn: Net sales of 598,100 MT for 2022/2023 were down 27 percent from the previous week and 48 percent from the prior 4-week average. Increases primarily for Mexico (207,400 MT, including decreases of 6,200 MT), Japan (111,900 MT, including 50,400 MT switched from unknown destinations and decreases of 500 MT), Colombia (103,700 MT, including 66,500 MT switched from unknown destinations and decreases of 10,900 MT), China (76,000 MT), and unknown destinations (30,800 MT), were offset by reductions for Honduras (2,200 MT) and El Salvador (2,000 MT). Exports of 666,400 MT were down 3 percent from the previous week, but up 13 percent from the prior 4-week average. The destinations were primarily to Mexico (338,700 MT), Colombia (126,700 MT), Japan (85,400 MT), Honduras (51,900 MT), and Canada (14,600 MT).

Optional Origin Sales:  For 2022/2023, new optional sales of 90,000 MT were for South Korea (50,000 MT) and Egypt (40,000 MT). The current outstanding balance of 190,000 MT were for South Korea (150,000 MT) and Egypt (40,000 MT).

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

Sorghum: Net sales of 52,800 MT for 2022/2023 were down 49 percent from the previous week and 44 percent from the prior 4-week average. Increases reported for China (55,300 MT, including 56,300 MT switched from unknown destinations and decreases of 1,000 MT), were offset by reductions for unknown destinations (2,500 MT). Exports of 105,700 MT–a marketing-year high–were up 48 percent from the previous week and up noticeably from the prior 4-week average. The destinations were to China (105,300 MT) and Mexico (400 MT).