Market Perspectives – March 23, 2023

U.S. Export Statistics

Corn:  Net sales of 3,095,900 MT for 2022/2023–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (2,245,200 MT, including 123,000 MT switched from unknown destinations), Japan (683,000 MT, including 94,400 MT switched from unknown destinations and decreases of 122,100 MT), Mexico (224,900 MT, including decreases of 3,600 MT), Colombia (54,100 MT, including decreases of 42,200 MT), and the Dominican Republic (51,200 MT), were offset by reductions for unknown destinations (261,400 MT), Italy (35,000 MT), Guatemala (7,100 MT), and Costa Rica (3,500 MT). Net sales of 93,000 MT for 2023/2024 were reported for Mexico (80,000 MT), Japan (10,000 MT), and unknown destinations (3,000 MT).

Exports of 1,381,300 MT–a marketing-year high–were up 23 percent from the previous week and 57 percent from the prior 4-week average. The destinations were primarily to Mexico (395,600 MT), Japan (304,700 MT), China (201,900 MT), Colombia (116,900 MT), and South Korea (67,600 MT).

Optional Origin Sales:  For 2022/2023, the current outstanding balance of 140,000 MT were for South Korea (100,000 MT) and Egypt (40,000 MT).

Export Adjustments:  Accumulated exports of corn to Colombia were adjusted down 41,145 MT for week ending March 9th. This shipment was reported in error.

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

Sorghum:  Total net sales reductions of 3,600 MT for 2022/2023–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average. Decreases were for China. Exports of 49,400 MT were down 32 percent from the previous week and 34 percent from the prior 4-week average. The destination was to China.