Market Perspectives – March 30, 2023

U.S. Export Statistics

Corn:  Net sales of 1,036,400 MT for 2022/2023 were down 67 percent from the previous week and 34 percent from the prior 4-week average. Increases primarily for China (709,200 MT, including 66,000 MT switched from unknown destinations), Japan (162,900 MT, including 40,500 MT switched from unknown destinations), Colombia (122,400 MT, including 121,200 MT switched from unknown destinations and decreases of 37,200 MT), Mexico (103,100 MT, including decreases of 7,200 MT), and Costa Rica (53,000 MT, including decreases of 10,500 MT), were offset by reductions for unknown destinations (231,000 MT), Nicaragua (21,300 MT), and Taiwan (200 MT). Total net sales of 21,800 MT for 2023/2024 were for Mexico.

Exports of 668,200 MT were down 52 percent from the previous week and 37 percent from the prior 4-week average. The destinations were primarily to Mexico (289,000 MT, including 34,800 – late), Colombia (145,300 MT), China (68,300 MT), Japan (40,900 MT), and the Dominican Republic (35,500 MT).

Optional Origin Sales:  For 2022/2023, the current outstanding balance of 140,000 MT were for South Korea (100,000 MT) and Egypt (40,000 MT).

Export Adjustments:  Accumulated exports of corn to Mexico were adjusted down 11,285 MT for week ending March 9th. This shipment was reported in error.

Late Reporting:  For 2022/2023, exports of 34,827 MT were late to Mexico.

Barley:  Total net sales reductions of 400 MT were for Japan. Exports of 200 MT were to Japan.

Sorghum:  Net sales of 1,900 MT for 2022/2023 were down noticeably from the previous week and down 98 percent from the prior 4-week average. Increases primarily for China (56,900 MT, including 55,000 MT switched from unknown destinations and decreases of 1,800 MT), were offset by reductions for unknown destinations (55,000 MT). Exports of 176,100 MT–a marketing-year high–were up noticeably from the previous and from the prior 4-week average. The destinations were to China (175,900 MT) and Mexico (200 MT).