Market Perspectives – March 5, 2020

U.S. Export Statistics

Corn:  Net sales of 769,200 MT for 2019/2020 were down 11 percent from the previous week and 29 percent from the prior 4-week average.  Increases primarily for Mexico (248,100 MT, including decreases of 24,600 MT), South Korea (136,000 MT), Colombia (88,000 MT, including 17,000 MT switched from unknown destinations and decreases of 33,000 MT), Vietnam (66,000 MT, including 65,000 MT switched from unknown destinations), and Saudi Arabia (65,700 MT, including 65,000 MT switched from unknown destinations), were offset by reductions for Haiti (800 MT).  For 2020/2021, net sales of 100,000 MT were for Mexico (98,000 MT) and Guatemala (2,000 MT).

Exports of 884,600 MT–a marketing-year high–were up 5 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to Japan (335,600 MT), Mexico (277,600 MT), Vietnam (66,000 MT), Saudi Arabia (65,700 MT), and Guatemala (31,900 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 188,000 MT were reported for South Korea.  Options were exercised to export 58,900 MT to Egypt from other than the United States.  The current outstanding balance of 779,000 MT is for South Korea (719,000 MT) and Israel (60,000 MT).

Export Adjustments:  Accumulated exports of corn to Mexico were adjusted down 331 MT for week ending February 13th.  The exports were reported in error and included in this week’s report.

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 600 MT were up noticeably from the previous week, but down 14 percent from the prior 4-week average.  The destination was Japan.

Sorghum:  Net sales of 71,600 MT for 2019/2020 were down 84 percent from the previous week and 46 percent from the prior 4-week average.  Increases were for China (69,300 MT, including 66,000 MT switched from unknown destinations), Mexico (1,300 MT), and Japan (1,000 MT).   Exports of 93,200 MT were up noticeably from the previous week and up 89 percent from the prior 4-week average.  The destinations were primarily to China (69,300 MT), Mexico (12,700 MT), and Japan (11,000 MT).