Market Perspectives – March 3, 2022

U.S. Export Statistics

Corn:  Net sales of 485,100 MT for 2021/2022 were down 53 percent from the previous week and 47 percent from the prior 4-week average.  Increases primarily for Japan (320,400 MT, including 267,700 MT switched from unknown destinations and decreases of 21,000 MT), Mexico (180,200 MT, including decreases of 32,000 MT), Colombia (125,400 MT, including 121,300 MT switched from unknown destinations and decreases of 80,300 MT), the Dominican Republic (48,400 MT, including decreases of 9,600 MT), and Canada (34,000 MT, including decreases of 500 MT), were offset by reductions primarily for unknown destinations (274,600 MT).  Net sales of 222,800 MT for 2022/2023 were reported for Japan (192,900 MT, including 167,000 MT – late), Honduras (19,900 MT), and Canada (10,000 MT).

Exports of 1,550,800 MT were down 18 percent from the previous week, but up 7 percent from the prior 4-week average.  The destinations were primarily to Japan (456,700 MT), China (344,500 MT), Mexico (330,000 MT), Colombia (121,500 MT), and Canada (110,500 MT).

Optional Origin Sales:  For 2021/2022, options were exercised to export 50,000 MT to unknown destinations from the United States.  The current outstanding balance of 170,800 MT is for unknown destinations (65,000 MT), South Korea (65,000 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.

Late Reporting: For 2022/2023, net sales totaling 167,000 MT of corn were reported late for Japan.

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

Sorghum:  Net sales of 102,000 MT for 2021/2022 were up 69 percent from the previous week, but down 5 percent from the prior 4-week average.  Increases reported for China (145,000 MT, including 63,000 MT switched from unknown destinations), Mexico (10,500 MT), and Japan (9,500 MT), were offset by reductions for unknown destinations (63,000 MT).  Exports of 138,500 MT were down 46 percent from the previous week and 19 percent from the prior 4-week average.  The destinations were to China (136,600 MT) and Mexico (1,900 MT).