Market Perspectives – March 9, 2023

U.S. Export Statistics

Corn:  Net sales of 1,412,100 MT for 2022/2023 were up noticeably from the previous week and up 57 percent from the prior 4-week average. Increases primarily for Japan (469,000 MT, including decreases of 94,800 MT and 101,700 MT – late), South Korea (377,900 MT, including 60,000 MT switched from unknown destinations and decreases of 10,700 MT), unknown destinations (201,300 MT), Mexico (130,900 MT, including decreases of 52,400 MT), and Colombia (83,300 MT, including 46,000 MT switched from unknown destinations and decreases of 98,900 MT), were offset by reductions for Italy (35,000 MT), Costa Rica (1,500 MT), and Panama (200 MT). Total net sales of 113,200 MT for 2023/2024 were for Mexico. Exports of 1,052,000 MT–a marketing-year high–were up 58 percent from the previous week and 74 percent from the prior 4-week average. The destinations were primarily to Mexico (462,900 MT, including 10,200 MT – late), Colombia (169,600 MT), Japan (129,500 MT, including 101,700 MT – late), South Korea (104,900 MT), and Guatemala (39,600 MT).

Optional Origin Sales:  For 2022/2023, the current outstanding balance of 190,000 MT were for South Korea (150,000 MT) and Egypt (40,000 MT).

Late Reporting:  For 2022/2023, net sales totaling 101,700 MT of corn were reported late for Japan. Exports of 111,900 MT were late to Japan (101,700 MT) and Mexico (10,200 MT).

Barley: Total net sales of 6,000 MT for 2023/2024 were for Japan. No exports were reported for the week.

Sorghum: Total net sales of 155,300 MT for 2022/2023 were up noticeably from the previous week and up 93 percent from the prior 4-week average. Increases were for China, including decreases of 3,700 MT. Exports of 49,300 MT were down 53 percent from the previous week, but up 11 percent from the prior 4-week average. The destination was to China.