Market Perspectives – March 29, 2018

U.S. Export Statistics

Corn: Net sales of 1,353,100 MT for 2017/2018 were down 8 percent from the previous week and 28 percent from the prior 4-week average. Increases were reported for South Korea (623,100 MT, including 255,000 MT switched from unknown destinations and decreases of 68,300 MT), Mexico (208,000 MT, including decreases of 64,600 MT), Japan (183,400 MT, including 36,000 MT switched from unknown destinations and decreases 4,700 MT), Peru (147,000 MT, including 38,000 MT switched from unknown destinations and decreases of 3,300 MT), and Colombia (102,300 MT, including 90,000 MT switched from unknown destinations and decreases of 100 MT). Reductions were reported for unknown destinations (283,200 MT), Spain (4,000 MT), Costa Rica (1,500 MT), and Guatemala (800 MT). For 2018/2019, net sales of 287,000 MT were primarily reported for Japan (207,000 MT) and Mexico (76,100 MT). Exports of 1,376,100 MT were unchanged from the previous week, but up 8 percent from the prior 4-week average. The destinations were primarily to Mexico (294,500 MT), South Korea (255,300 MT), Japan (195,400 MT), Colombia (154,500 MT), and Vietnam (136,500 MT).

Optional Origin Sales: For 2017/2018, new optional origin sales of 68,000 MT were reported for South Korea. Options were exercised to export 133,000 MT to unknown destinations (67,000 MT) and Vietnam (66,000 MT) from the United States. The current optional origin outstanding balance of 781,000 MT is for South Korea (482,000 MT), unknown destinations (179,000 MT), and Vietnam (120,000 MT).

Barley: Net sales reductions of 14,900 MT–a marketing-year low– were down noticeably from the previous week and from the prior 4-week average. Increases for South Korea (700 MT) and Taiwan (500 MT) were more than offset by reductions for Canada (16,100 MT). Exports of 100 MT were reported to Taiwan.

Sorghum: Net sales of 19,300 MT for 2017/2018 resulted as increases for China (70,300 MT, including 66,000 MT switched from unknown destinations and decreases of 4,800 MT) and Japan (36,000 MT), were partially offset by reductions for unknown destinations (87,000 MT). Exports of 211,700 MT were down 15 percent from the previous week, but up 5 percent from the prior 4-week average. The destinations were China (201,100 MT) and Japan (10,600 MT).