Market Perspectives March 23, 2017

U.S. Export Statistics

Corn: Net sales of 1,347,000 MT for 2016/2017 were up 11 percent from the previous week and 59 percent from the prior 4-week average. Increases were for South Korea (593,700 MT, including 129,000 MT switched from unknown destinations and decreases of 5,300 MT), Japan (297,000 MT, including 54,400 MT switched from unknown destinations and decreases of 7,000 MT), Mexico (162,700 MT, including decreases of 6,600 MT), Saudi Arabia (113,100 MT, including 65,000 MT switched from unknown destinations), and Morocco (103,100 MT, including 53,100 MT switched from unknown destinations). Reductions were reported for unknown destinations (272,300 MT) and Costa Rica (2,000 MT). For 2017/2018, net sales of 127,100 MT were reported for Mexico (120,000 MT) and Japan (7,100 MT). Exports of 1,382,200 MT were down 10 percent from the previous week and 3 percent from the prior 4-week average. The primary destinations were Mexico (259,100 MT), South Korea (244,500 MT), Japan (234,600 MT), Colombia (196,300 MT), and Saudi Arabia (143,100 MT). 

Optional Origin Sales: For 2016/2017, options were exercised to export 68,000 MT to South Korea from the United States. Decreases in optional origin sales totaling 40,000 MT were reported for unknown destinations. The current optional origin outstanding balance of 530,000 MT is for unknown destinations (203,000 MT) and South Korea (327,000 MT). 

Export Adjustments: Accumulated exports to Japan were adjusted down 45,048 MT for week ending March 9th. This shipment was reported twice. 

Barley: No net sales were reported for the week. Exports of 200 MT were reported to Taiwan. 

Sorghum: Net sales of 215,600 MT for 2016/2017 were up noticeably from the previous week and from the prior 4-week average. Increases were for unknown destinations (105,500 MT), China (105,000 MT), and Japan (5,100 MT). Exports of 12,400 MT were down 90 percent from the previous week and 89 percent from the prior 4-week average. The primary destination was Mexico.