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Market Perspectives – May 10, 2018

Contents

  1. Chicago Board of Trade Market News
  2. CBOT July Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller's Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spread
  9. Ocean Freight Comments
  10. Interest Rates

U.S. Export Statistics

Corn: Net sales of 695,600 MT for 2017/2018 were down 32 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for Vietnam (266,500 MT, including 195,000 MT switched from unknown destinations and decreases of 1,200 MT), Japan (186,200 MT, including 77,700 MT switched from unknown destinations and decreases of 700 MT), Colombia (124,400 MT, including 42,000 MT switched from unknown destinations), Israel (114,600 MT, including 64,600 MT switched from unknown destinations), and the Netherlands (89,600 MT, including 85,300 MT switched from unknown destinations). Reductions were primarily for unknown destinations (489,700 MT). For 2018/2019, net sales of 90,000 MT were reported for Mexico. Exports of 1,784,700 MT were up 21 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Mexico (337,800 MT), Vietnam (266,500 MT), Japan (187,300 MT), South Korea (137,300 MT), and Taiwan (109,200 MT). 

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 708,000 MT is for South Korea (414,000 MT), unknown destinations (179,000 MT), Vietnam (65,000 MT), and Egypt (50,000 MT).

Barley: No net sales were reported for the week. Exports of 100 MT were to Taiwan.

Sorghum: Net sales of 212,600 MT for 2017/2018 were reported for Spain (133,000 MT), Mexico (76,200 MT), China (3,000 MT, including decreases of 100 MT), and Taiwan (400 MT). Exports of 191,800 MT were up noticeably from the previous week and up 65 percent from the prior 4-week average. The destinations were Spain (133,000 MT) and China (58,700 MT).

Export Adjustments: Accumulated exports to China were adjusted down 66,625 MT for week ending March 22nd and adjusted down 66,424 MT for week ending April 19th. The correct destination is Spain and is included in this week’s report.