Market Perspectives – May 11, 2023

U.S. Export Statistics

Corn:  Net sales of 257,300 MT for 2022/2023 were down noticeably from the previous week, but up 11 percent from the prior 4-week average. Increases primarily for Japan (154,500 MT, including 92,100 MT switched from unknown destinations), Mexico (74,800 MT, including decreases of 22,400 MT), South Korea (70,800 MT, including 65,000 MT switched from unknown destinations), Colombia (45,600 MT, including 50,000 MT switched from unknown destinations and decreases of 11,000 MT), and Canada (14,600 MT, including decreases of 200 MT), were offset by reductions for unknown destinations (129,400 MT) and El Salvador (12,300 MT). Total net sales of 83,100 MT for 2023/2024 were for Mexico.

Exports of 1,146,100 MT were down 33 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Mexico (389,400 MT), Japan (320,400 MT, including 50,100 MT – late), China (138,200 MT), Colombia (132,500 MT), and South Korea (69,400 MT).

Late Reporting:  For 2022/2023, exports of 50,112 MT of corn were late to Japan.

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

Sorghum:  Net sales of 49,100 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases reported for unknown destinations (53,000 MT), were offset by reductions for China (3,900 MT). Exports of 50,600 MT were down 55 percent from the previous week and 28 percent from the prior 4-week average. The destination was to China.