Market Perspectives – March 28, 2019

U.S. Export Statistics

Corn: Net sales of 904,500 MT for 2018/2019 were up 6 percent from the previous week and 5 percent from the prior 4-week average. Increases were reported for China (300,000 MT), Japan (228,800 MT, including 81,200 MT switched from unknown destinations and decreases of 30,700 MT), Mexico (191,500 MT, including decreases of 2,500 MT), Taiwan (136,000 MT, including decreases of 200 MT), and Colombia (84,100 MT, switched from unknown destinations). Reductions were primarily for unknown destinations (128,900 MT). For 2019/2020, net sales of 85,400 MT were primarily for Japan (59,400 MT). Exports of 959,500 MT were up 26 percent from the prior week and 25 percent from the prior 4-week average. The destinations were primarily to Mexico (234,500 MT), Japan (190,900 MT), South Korea (133,100 MT), Colombia (102,600 MT), and the Dominican Republic (72,500 MT).

Optional Origin: For 2018/2019, new optional sales totaling 48,000 MT were reported for unknown destinations. Options were exercised to export 59,400 MT to South Korea from the United States. Decreases totaling 6,600 MT were reported for South Korea. The current outstanding balance of 639,500 MT is for South Korea (509,000 MT), Japan (50,000 MT), unknown destinations (48,000 MT), and Mexico (32,500 MT). For 2019/2020, the current outstanding balance is 120,000 MT, all unknown destinations.

Barley: No net sales were reported for the week. Exports of 600 MT were to Taiwan (400 MT) and South Korea (200 MT).

Sorghum: No net sales were reported for the week. Exports of 200 MT–a marketing-year low– were down 98 percent from the previous week and 99 percent from the prior 4-week average. The destinations were to South Korea (100 MT) and Mexico (100 MT).