Market Perspectives – May 12, 2022

U.S. Export Statistics

Corn:  Net sales of 192,700 MT for 2021/2022–a marketing-year low–were down 75 percent from the previous week and 80 percent from the prior 4-week average.  Increases primarily for Japan (132,600 MT, including 23,300 MT switched from unknown destinations and decreases of 900 MT), South Korea (131,700 MT, including 133,000 MT switched from unknown destinations and decreases of 2,900 MT), Spain (73,700 MT, including 68,000 MT switched from unknown destinations), Colombia (57,100 MT, including 50,000 MT switched from unknown destinations and decreases of 57,700 MT), and Canada (41,400 MT, including decreases of 300 MT), were offset by reductions primarily for unknown destinations (304,000 MT).  Net sales of 46,600 MT for 2022/2023 were reported for Mexico (22,400 MT), unknown destinations (22,000 MT), and Canada (2,200 MT).

Exports of 1,504,300 MT were down 21 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Mexico (349,000 MT), Japan (320,600 MT), China (260,200 MT), South Korea (131,300 MT), and Colombia (125,600 MT).

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 378,300 MT is for unknown destinations (240,000 MT), South Korea (65,000 MT), Italy (34,300 MT), Morocco (30,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 35,400 MT is for Italy.

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

Sorghum:  Net sales of 27,800 MT for 2021/2022 were down 69 percent from the previous week, but up noticeably from the prior 4-week average.  Increases reported for China (80,800 MT, including 68,000 MT switched from unknown destinations and decreases of 400 MT) and Mexico (15,000 MT), were offset by reductions for unknown destinations (68,000 MT).  Exports of 270,800 MT were up 28 percent from the previous week and 35 percent from the prior 4-week average.  The destination was to China.