Market Perspectives – March 26, 2020

U.S. Export Statistics

Corn:  Net sales of 1,814,300 MT for 2019/2020–a marketing-year high–were up noticeably from the previous week and up 81 percent from the prior 4-week average.  Increases primarily for China (756,000 MT), Japan (333,000 MT, including 91,200 MT switched from unknown destinations and decreases of 2,300 MT), Mexico (219,200 MT, including 24,000 MT switched from unknown destinations and decreases of 3,700 MT), Colombia (152,900 MT, including 50,000 MT switched from unknown destinations and decreases of 3,900 MT), and South Korea (132,000 MT), were offset by reductions for unknown destinations (42,000 MT) and El Salvador (23,300 MT).  For 2020/2021, net sales of 82,900 MT resulting in increases for Mexico (91,400 MT), were offset by reductions for Guatemala (8,500 MT).

Exports of 846,000 MT were down 13 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to Japan (257,500 MT), Mexico (231,500 MT), Colombia (120,700 MT), the Dominican Republic (86,700 MT), and Guatemala (65,000 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from other than the United States.  The current outstanding balance of 646,000 MT is for South Korea (586,000 MT) and Israel (60,000 MT).

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 3,400 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were Japan (3,100 MT) and Taiwan (300 MT).

Sorghum:  Net sales of 107,600 MT for 2019/2020 resulting in increases for China (121,000 MT, including 65,000 MT switched from unknown destinations), Japan (1,300 MT), and Mexico (300 MT, including decreases of 200 MT), were offset by reductions for unknown destinations (15,000 MT).  Exports of 27,900 MT were down 63 percent from the previous week and 39 percent from the prior 4-week average.  The destinations were primarily to Japan (16,300 MT) and Mexico (11,500 MT).