Market Perspectives – March 24, 2022

U.S. Export Statistics

Corn:  Net sales of 979,500 MT for 2021/2022 were down 47 percent from the previous week and 29 percent from the prior 4-week average.  Increases primarily for Mexico (265,300 MT, including decreases of 400 MT), Colombia (153,900 MT, including 49,000 MT switched from unknown destinations and decreases of 4,000 MT), South Korea (127,200 MT), unknown destinations (92,600 MT), and Israel (69,700 MT, including 65,000 MT switched from unknown destinations), were offset by reductions reported for Costa Rica (1,800 MT) and Nicaragua (1,300 MT).  Total net sales of 6,100 MT for 2022/2023 were for Mexico.

Exports of 1,492,100 MT were up 17 percent from the previous week, but down 8 percent from the prior 4-week average.  The destinations were primarily to China (477,900 MT), Japan (295,400 MT), Mexico (260,700 MT), Colombia (108,400 MT), and Canada (90,100 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 190,000 MT were reported for unknown destinations (125,000 MT) and South Korea (65,000 MT).  The current outstanding balance of 535,800 MT is for unknown destinations (305,000 MT), South Korea (130,000 MT), Morocco (60,000 MT), Italy (31,800 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 3,900 MT is for Italy.

Barley:  Total net sales of 100 MT for 2021/2022 were unchanged from the previous week and from the prior 4-week average.  The destination was South Korea.  No exports were reported for the week.

Sorghum:  Net sales reductions of 6,400 MT for 2021/2022–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases reported for China (126,600 MT, including 133,000 MT switched from unknown destinations and decreases of 12,300 MT), were more than offset by reductions for unknown destinations (133,000 MT).  Exports of 255,200 MT were down 2 percent from the previous week, but up 19 percent from the prior 4-week average.  The destination was to China (255,000 MT) and Mexico (200 MT).